244 – Earnings; How and When to Be Computed; Transfers to Surplus Fund.
§ 244. Earnings; how and when to be computed; transfers to surplus fund. 1. Every savings bank shall close its books no less frequently than quarterly. To determine the amount of gross earnings for any such accounting period the following items shall be included: (a) All earnings actually received, less interest accrued and uncollected included […]
245 – Interest Payments.
§ 245. Interest payments. 1. A savings bank may classify its depositors according to the character, amount or duration of their dealings with the savings bank. 2. In the discretion of a majority of all the trustees, the amounts contributed by incorporators or trustees to the surplus fund may be credited with interest at the […]
239 – Repayment of Deposits of Minors, Trust Deposits, Joint Deposits, and Deposits Adversely Claimed; Interpleader in Certain Actions; Statute of Limitatio
§ 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.
§ 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.
§ 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.
§ 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.
§ 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.
§ 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 […]
234 – General Powers.
§ 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.
§ 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 […]