§ 420-a. State savings and loan insurance fund. 1. There is hereby created the “state savings and loan insurance fund”. The fund shall be a corporate governmental agency constituting a public benefit corporation. It shall have the powers and privileges of a corporation, and under its corporate name all of its business shall be transacted, […]
§ 420-b. Purposes of the fund. The fund shall insure the savings accounts of savings and loan associations eligible for insurance as hereinafter provided.
§ 420-c. General powers of the fund. Except as otherwise limited by this article, the fund shall have power: 1. To sue and be sued; 2. To have a seal and alter the same at pleasure; 3. To borrow money and issue negotiable notes, bonds or other obligations and to provide for the rights of […]
§ 420-d. Capital stock; advance premiums; other fiscal provisions. 1. The fund shall have a capital stock of one hundred million dollars which shall be divided into shares of one hundred dollars each. Each member savings and loan association whose accounts are insured under this article shall subscribe and pay for such stock in an […]
§ 420-e. Exemption from taxation. It is hereby found, determined and declared that the creation of the fund and the carrying out of its purposes is in all respects for the benefit of the people of the state of New York and for the improvement of their health, welfare and prosperity and is a public […]
§ 420-f. Use of fund name prohibited; penalties for violation. No individual, association, partnership, or corporation shall use the words “state savings and loan insurance fund”, or any combination of any of these words which would have the effect of leading the public in general to believe there was any connection, actually not existing, between […]
§ 420-g. Insurance of accounts and eligibility provisions. 1. It shall be the duty of the fund to insure the accounts of all state savings and loan associations that apply and qualify therefor. Approval of the application shall constitute the savings and loan association a member of the fund. 2. Applications shall be in such […]
§ 420-h. Premiums on insurance. 1. Each savings and loan association whose application for insurance is approved by the fund shall pay required advance premiums to the fund, as well as a premium charge for such insurance equal to one-twelfth of one per centum of the total amount of all savings accounts of such institution […]
§ 420-i. Payment of insurance. 1. Each savings and loan association whose application for insurance under this article is approved by the fund shall be entitled to insurance up to the full withdrawal value of the accounts of each of its members and investors or in such amount as shall be established by the board […]
§ 420-j. Liquidation of insured savings and loan associations. 1. In the event that a savings and loan association is in default, the fund may be appointed by the superintendent as conservator or receiver and as such, may be authorized by the superintendent (a) to take over the assets of and operate such association, (b) […]
§ 420-k. Termination of insurance. 1. Whenever in the opinion of the fund any insured savings and loan association has continued unsafe or unsound practices in conducting the business of such savings and loan association, or has knowingly or negligently permitted any of its officers or agents to violate any provision of any law or […]
§ 420-l. Savings and loan bank eligible as fiscal agent. The savings and loan bank operating pursuant to article ten-B of the banking law may be designated by the fund as its fiscal agent; such bank shall have the power to accept such designation and to do all acts necessary in order to carry out […]
