§ 229. Application. 1. This article applies to every savings bank and shall not apply to any other banking organization except to such extent, if any, as may be specified in any article of this chapter governing such banking organization; provided, however, that in the case of stock-form savings banks, this article applies to every […]
§ 230. Incorporation; organization certificate. When authorized by the superintendent as provided in article two of this chapter, not less than nine nor more than twenty persons may incorporate a savings bank. They shall subscribe and acknowledge an organization certificate in duplicate, which shall specifically state: 1. The name by which the corporation is to […]
§ 232. Organization certificate to be submitted to superintendent; proof of publication and service of notice of intention. After the lapse of at least twenty-eight days from the date of the first due publication of the notice of intention to organize and within ten days after the date of the last publication thereof, the organization […]
§ 233. When corporate existence begins; conditions precedent to commencing business. When the superintendent shall have approved the organization certificate, as provided in article two of this chapter, the corporate existence of the savings bank shall begin, and it may exercise all the powers necessary to the completion of its organization. Such savings bank shall […]
§ 234. General powers. Every savings bank shall have, subject to the restrictions and limitations contained in this chapter, the following powers: 1. To receive and repay deposits, including demand deposits; invest its funds; pay interest on deposits; and exercise all such incidental powers as shall be necessary to conduct the business of a savings […]
§ 234-a. Settlement, modification or readjustment of investment. A savings bank may consent to any settlement, modification or readjustment of any investment in securities legally made by such savings bank, and may accept and hold stocks, bonds, notes, securities or other property, real or personal, offered in full or partial settlement, modification or readjustment of […]
§ 234-b. Trust powers. 1. The superintendent of financial services is authorized and empowered to grant permission to a savings bank to exercise any or all of the powers specified in sections one hundred, one hundred-a, one hundred-b and one hundred-c of this chapter. In passing upon applications for permission to exercise any such powers, […]
§ 235. Investment of funds. A savings bank may invest in the following property and securities and no others: 1. Obligations of the United States, or those for which the faith of the United States is pledged to provide for the payment of the interest and principal, or those for which annual contributions to be […]
§ 235-b. Effect of usury. The knowingly taking, receiving, reserving, or charging by a savings bank of interest at a rate greater than six per centum per annum, as computed pursuant to this section, or in excess of such greater rate of interest as may be authorized by law, shall be held and adjudged a […]
§ 235-c. Regulation of certain charges. The superintendent of financial services shall have the power to prescribe by regulation (i) the maximum charge which may be imposed in this state by a savings bank in connection with a check or other written order drawn upon it on insufficient funds, irrespective of whether the instrument is […]
§ 235-d. Service corporations owned by savings banks; authorized activities of such corporations; investment therein. 1. A savings bank may invest in the stock, capital notes and debentures of one or more service corporations organized under the laws of this state for the sole activities set forth in subdivision two of this section, to the […]
§ 236. Deposits by savings banks with other banking corporations and private bankers; restrictions. 1. Except for investments made pursuant to subdivision twelve-a of section two hundred thirty-five of this chapter, no savings bank shall deposit any of its funds with any other banking corporation or private banker unless such corporation or private banker has […]
§ 237. Deposits with savings banks; restrictions. 1. No savings bank shall accept any deposit for credit to any executor, administrator, trustee, committee, conservator or guardian, named in a will or appointed by a court of competent jurisdiction, unless a certified copy of the will, order or decree of the court authorizing such deposits or […]
§ 238. Regulations and restrictions as to repayment of deposits. 1. The repayment of deposits made with any savings bank and any interest credited thereto, shall be subject to the provisions of this chapter and to rules and regulations made in accordance therewith. Any such regulations adopted by the board of trustees shall be posted […]
§ 239. Repayment of deposits of minors, trust deposits, joint deposits, and deposits adversely claimed; interpleader in certain actions; statute of limitations. 1. Any deposit made by or in the name of any minor shall be held for the exclusive right and benefit of such minor, and free from the control or lien of all […]
§ 239-a. Preservation of books and records. Every savings bank shall preserve all its records of final entry, including cards used under the card system and deposit tickets, for a period of at least six years from the date of making the same or from the date of the last entry thereon; provided, however, that […]
§ 240. Restrictions as to place of business; branch offices. 1. A savings bank shall not be located in the same room with or in a room connecting with any bank, trust company or national bank, unless it be a savings bank lawfully so located when this act takes effect. The prohibitions of this subdivision […]
§ 240-a. Electronic facilities. A savings bank may conduct a banking business, at automated teller machines, point-of-sale terminals, and similar facilities subject to regulations which may be promulgated by the superintendent of financial services. Such facilities shall not be deemed to be branches and shall not be subject to any of the provisions of this […]
§ 240-b. Acceptance of United States currency. No savings bank shall impose a fee, commission or service charge for accepting for deposit or exchanging for other United States currency any United States currency provided that any coins are properly rolled and have the customer’s account number for that savings bank displayed on the coin roll, […]
§ 241. Change of location; change of designation of principal office. Any savings bank may make a written application to the superintendent, such application to be accompanied by an investigation fee as prescribed pursuant to section eighteen-a of this chapter, for leave to change its place or one of its places of business to another […]
