§ 375. Incorporation; organization certificate. When authorized by the superintendent as provided in article two of this chapter, fifteen or more persons, residents of the state of New York, may form a corporation to be known as a savings and loan association. Such persons shall subscribe and acknowledge and submit to the superintendent an organization […]
§ 376. Proposed by-laws. 1. The incorporators shall subscribe and acknowledge and submit to the superintendent proposed by-laws in duplicate, which shall make provision for the following: (a) The dates of regular meetings of shareholders; the notice, if any, to be given; the qualifications of voters and the manner of voting; the manner of calling […]
§ 377. When corporate existence begins. When the superintendent shall have approved the organization certificate and the proposed by-laws, and shall have issued his authorization certificate as provided in article two of this chapter, the corporate existence of the association shall begin.
§ 378. Power to issue shares; dues thereon. 1. Every savings and loan association shall be either permanent or serial in character. A permanent association shall be one which issues instalment shares, not in series, and credits dividends thereon to the holders of such shares individually. A serial association shall be one which issues instalment […]
§ 378-a. Time deposits. 1. Subject to such regulations and restrictions as the superintendent of financial services finds to be necessary and proper, a savings and loan association may contract to receive time deposits including deposits upon which the savings and loan association contracts to pay interest at a fixed rate. 2. Any time deposit […]
§ 378-b. Club accounts. 1. No contract under which a savings and loan association agrees to repay shares of fixed sums made at regular intervals at a given time with all interest or dividends credited thereon, or to repay said shares when, together with interest or dividends credited thereon, they shall equal a specified sum, […]
§ 378-c. Excelsior linked deposit program. A savings and loan association may accept moneys deposited by the comptroller or the commissioner of taxation and finance as linked deposits pursuant to article fifteen of the state finance law and enter into agreements, pledge assets or furnish other security, satisfactory in form and amount to such authorized […]
§ 378-d. Preservation of books and records. Every savings and loan association 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, […]
§ 378-e. Water pollution control linked deposit program. A savings and loan association may accept moneys deposited by the New York state environmental facilities corporation as linked deposits pursuant to article sixteen of the state finance law and enter into agreements, pledge assets or furnish other security, satisfactory in form and amount to New York […]
§ 379. Power to invest in securities. A savings and loan association may invest its funds in the following securities: (1) Shares of the Savings and Loan Bank of the State of New York, in an amount not exceeding five per centum of the assets of such association at the time of such investment, except […]
§ 379-b. Service corporation owned by associations; authorized activities of such corporation; investment therein. 1. A savings and loan association may invest in the stock, capital notes and debentures of a service corporation organized under the laws of this state for the sole activities set forth in subdivision two of this section, to the extent […]
§ 380. Power to make loans. 1. A savings and loan association may make a loan upon the security of a mortgage of the type authorized to be made by a savings bank by subdivisions five-a and six of section two hundred thirty-five of this chapter, subject to such regulations as the superintendent of financial […]
§ 380-a. Power to purchase mortgage, loan or investment. Subject to such regulations and restrictions as the superintendent of financial services may prescribe therefor, an association may acquire by purchase any mortgage, loan or invetsment which by the provisions of this article it is authorized to make and hold.
§ 380-b. Power to purchase mortgages from mortgage holders. A savings and loan association may purchase from mortgage holders; (1) any bond and mortgage insured or guaranteed by the United States or any instrumentality thereof, or for which there is a commitment to so insure or guarantee, or (2) provided the mortgage is a first […]
§ 380-c. Power to participate in certain loans and mortgage investments. Subject to such regulations and restrictions as may be prescribed by the superintendent of financial services, a savings and loan association may participate in making or acquiring (1) loans of a type that it is authorized to have by paragraph (b) of subdivision two […]
§ 380-e. Effect of usury. The knowingly taking, receiving, reserving, or charging by a savings and loan association of interest, as computed pursuant to this article, at a rate greater than such rate of interest as may be authorized by law shall be held and adjudged a forfeiture of the entire interest which the note […]
§ 380-f. Power to make advances of federal funds. A savings and loan association may make advances of federal funds to commercial banks, provided such advances are made on the condition that they be repaid on the next business day following the day on which the advance is made. For purposes of this section the […]
§ 380-g. Power to engage in line of credit financing of residential real estate. A savings and loan association is authorized to invest an amount, not exceeding the lesser of (a) ten per centum of the sum of its surplus, undivided profits, and reserves or (b) one per centum of its assets, in loans or […]
§ 380-h. Trust powers. 1. The superintendent of financial services is authorized and empowered to grant permission to a savings and loan association 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 […]
§ 380-i. Personal loan departments. Subject to such regulations as the superintendent of financial services may prescribe, a savings and loan association may operate a personal loan department under the same terms and conditions as are provided under subdivisions four and five of section one hundred eight of this chapter. The superintendent of financial services […]
