§ 432. Incorporation; organization certificate. When authorized by the superintendent as provided in article two of this chapter, ten or more savings and loan associations, the aggregate resources of which shall not be less than five million dollars, may form the Savings and Loan Bank of the State of New York. Each of such associations […]
§ 433. Proposed by-laws. The incorporators shall subscribe and acknowledge and submit to the superintendent at his office proposed by-laws in duplicate, which shall prescribe the manner in which the business of such savings and loan bank shall be conducted with reference to the following matters: 1. The date during the month of January of […]
§ 434. When corporate existence begins; conditions precedent to commencing business. When the superintendent shall have endorsed his approval on the organization certificate as provided in article two of this chapter, the corporate existence of the Savings and Loan Bank of the State of New York shall begin and it shall then have power to […]
§ 435. General powers. The savings and loan bank shall, subject to the restrictions and limitations contained in this article and its by-laws, have the following powers: 1. To issue, sell and redeem bonds and notes secured by bonds and first mortgages made to or held by its members and to issue, sell and redeem […]
§ 436. Restrictions on powers. The savings and loan bank shall not: 1. Do a general deposit business except with its members. 2. Invest more than twenty-five per centum of its surplus account in real estate occupied, or to be occupied, by it as a place of business, without the written approval of the superintendent. […]
§ 437. Redemption of bonds and notes; procedure in event of default. 1. All bonds and notes issued by the savings and loan bank may be called on any interest day at one hundred two and one-half per centum and interest by giving notice of not less than sixty days in a newspaper published in […]
§ 438. Surplus account. 1. The savings and loan bank shall accumulate from its profits a surplus account by carrying thereto annually a sum equal to one-half of one per centum of its capital, until such surplus account shall be equal to at least fifteen per centum of its capital. 2. The guaranty fund on […]
§ 439. Membership; liability; transfer of shares. 1. Membership in the savings and loan bank shall be limited to savings and loan associations, except, that the directors of the savings and loan bank may, in their discretion, permit federal savings and loan associations located in this state to be or become members of the savings […]
§ 440. Commissions and payment of expenses. The savings and loan bank may charge each member an annual commission, not to exceed one-half of one per centum, upon the outstanding bonds and notes issued in its behalf, provided, however, that the rate of commission in any year shall be the same on all outstanding obligations […]
§ 441. Qualifications and disqualification of directors; oath of directors. 1. At least three-fourths of the directors of the savings and loan bank must reside in the state of New York during their term of office, and all must be citizens of the United States. No person shall be elected a director unless he is […]
§ 442. Number of directors; filling of vacancies; change of number. 1. The number of directors of the savings and loan bank shall be not less than seven nor more than fifteen. 2. All vacancies in the office of director shall be filled by election by the members except as provided in this section. Vacancies […]
§ 443. Amendment of by-laws. The by-laws may be altered or amended, from time to time, provided such alterations or amendments shall have first received the written approval of the superintendent and shall thereafter have been duly adopted at a meeting of the directors. A copy of any such alteration or amendment shall be filed […]
§ 444. Annual meeting; notice; voting. The annual meeting of the shareholders for the election of directors shall be held in January in each year at a place within the state to be determined by the board of directors. Notice of the time and place of holding such election shall be given by publication thereof, […]
§ 445. Preference of credits. In case of the insolvency or voluntary or involuntary liquidation of any bank, trust company or savings and loan association, its assets shall be applied in the first place ratably and proportionately to the payment in full of any sum or sums of money deposited therewith by the savings and […]
§ 446. Exemptions. The bonds and notes issued by the savings and loan bank and the savings and loan bank itself, together with its capital, accumulations and funds, shall have the same exemption from taxation as other institutions for savings. No law which taxes corporations in any form, or the shares thereof, or the accumulations […]
