N.Y. Comp. Codes R. & Regs. tit. 3 § 86.7
Current through Register Vol. 46, No. 51, December 18, 2024
Section 86.7 - Applicability of certain provisions of the banking law to stock-form savings banks(a) The provisions of the following sections of the Banking Law shall have no applicability to stock-form savings banks:(1) Section 23--Acceptance or rejection of certificate; investigation fees (to the extent that it shall require the payment of an investigation fee other than the fee payable under Banking Law, section 14-e[2]).(2) Section 230--Incorporation; organization certificate.(4) Section 232--Organization certificate to be submitted to superintendent; proof of publication and service of notice of intention.(5) Section 233--When corporate existence begins; conditions precedent to commencing business.(6) Section 234(1)--General powers (only insofar as said provision authorizes the payment of "dividends" on deposit accounts).(7) Section 234(2)--General powers (only relative to contributions of mutual incorporators or trustees).(8) Section 243--Surplus fund.(9) Section 244--Earnings; how and when to be computed; transfers to surplus fund; undivided profits available for dividends (excluding definition of "net worth").(10) Section 245--Interest payments.(11) Section 246--Board of trustees; number; vacancies; qualifications; oath and declaration.(12) Section 246-a--Executive committee and other committees.(13) Section 247--Restrictions upon trustees and officers.(14) Section 248--Removal and forfeiture of office of trustee.(15) Section 249--Compensation of trustees and officers.(16) Section 250--Pensions; insurance.(17) Section 251--Meetings; quorum; bylaws; officers.(b) In addition to such other requirements of law and regulations imposed upon savings banks, stock-form savings banks shall be subject to the following sections of the Banking Law, to the same extent as banks and trust companies referred to therein, and any reference in such sections to a bank or trust company shall be deemed to refer also to a stock-form savings bank:(1) Section 103(8)--Restrictions on loans, purchases of securities and total liabilities to bank or trust company of any one person.(2) Section 109--Closing of books; profits; how to be computed.(3) Section 110--Surplus fund; of what composed; and for what purpose used.(4) Section 111--Profits; credits to surplus fund and to undivided profits.(5) Section 112--Dividends; payable from net profits; restrictions.(6) Section 130--Restrictions on officers, directors and employees.(7) Section 140-a--Stock option plans.N.Y. Comp. Codes R. & Regs. Tit. 3 § 86.7