255 – Reports to Superintendent; Penalty for Failure to Make.
§ 255. Reports to superintendent; penalty for failure to make. 1. On or before the first day of February in each year every savings bank shall make a written report to the superintendent, which shall contain a statement of its conditions as of the morning of the first day of January of such year. Such […]
255-A – Publication and Delivery of Annual Report.
§ 255-a. Publication and delivery of annual report. Every savings bank shall (1) prepare a complete statement of its financial condition, including a summary of income and expense since its last previous statement, and publish the same annually, such publication to be made in the form and manner determined by the superintendent and in accordance […]
256 – Photographic Reproduction of Records.
§ 256. Photographic reproduction of records. Any photograph, microphotograph or reproduction on film of any of the documents and records of a savings bank relating to the accounts of its depositors and the operation of its business, which such savings bank has caused to be made in the conduct of its business, shall be deemed […]
257 – Duties of Trustees and Officers.
§ 257. Duties of trustees and officers. 1. Trustees and officers shall discharge the duties of their respective positions in good faith and with that degree of diligence, care and skill which prudent men would exercise under similar circumstances in like positions. In discharging their duties, trustees and officers, when acting in good faith, may […]
258 – Prohibition of Unauthorized Savings Banks and Use of the Word “Savings”; Exception as to School Savings.
§ 258. Prohibition of unauthorized savings banks and use of the word “savings”; exception as to school savings. 1. No individual, partnership, unincorporated association or corporation other than a savings bank, state or federal chartered savings and loan association, bank, trust company, industrial bank, private banker, national bank, foreign banking corporation licensed pursuant to this […]
260 – Charters of All Savings Banks Conformed to This Article.
§ 260. Charters of all savings banks conformed to this article. The powers, privileges and duties, and all restrictions, heretofore or hereafter conferred or imposed upon any savings bank by whatever name known, by its charter or act of incorporation, are hereby abridged, enlarged or modified, as each particular case may require, in such manner […]
260-A – Amendment of Organization Certificate and By-Laws.
§ 260-a. Amendment of organization certificate and by-laws. Any proposed change in the organization certificate or the by-laws of any savings bank shall be submitted to the superintendent and, upon the superintendent’s written approval thereof, shall be posted in a conspicuous place in the office of the savings bank for thirty days. Such proposed changes […]
260-B – Conversion of a Savings Bank Into a Savings and Loan Association.
§ 260-b. Conversion of a savings bank into a savings and loan association. 1. Any savings bank may convert itself into a savings and loan association upon receiving the approval of the superintendent as hereinafter provided. A meeting of the board of trustees shall be held upon not less than thirty days’ written notice to […]
249 – Compensation of Trustees and Officers.
§ 249. Compensation of trustees and officers. 1. A trustee of a savings bank shall not directly or indirectly receive any pay or emolument for any services rendered to the savings bank, except as provided in this section. 2. A trustee may, by affirmative vote of a majority of all the trustees, receive reasonable compensation […]
250 – Pensions; Insurance.
§ 250. Pensions; insurance. Subject to such regulations as the superintendent of financial services may prescribe, a savings bank may, in the discretion of a majority of all the trustees: 1. Provide pensions to officers and employees pursuant to a nondiscriminatory plan for service rendered to the savings bank or for having become incapacitated while […]