The provisions of Supervisory Procedure CB 119 shall to any savings and loan association which proposes to establish a common trust fund, and the provisions of Part 22 of this Title shall apply to any savings and loan association maintaining such a fund. The term trust company, as used in CB 119 and Part 22 of this Title, shall be deemed to mean the trust department of a savings and loan association.
N.Y. Comp. Codes R. & Regs. Tit. 3 § 1.4