§ 380-j. Authorization to acquire and lease personal property. A savings and loan association is authorized to acquire and lease personal property to the same extent as a commercial bank is authorized to engage in such activities under subdivision twelve of section ninety-six of this chapter, subject to those limitations applicable to such activities in […]
§ 380-k. Investment in promissory notes. A savings and loan association may invest in promissory notes and other evidences of indebtedness representing commercial, corporate or business loans to the same extent as a savings bank is authorized to invest in such notes under subdivision eight-c of section two hundred thirty-five of this chapter, subject to […]
§ 380-l. Excelsior linked deposit program. A savings and loan association may make linked loans, each authorized and approved pursuant to article fifteen of the state finance law and each in an amount equal to a corresponding linked deposit made pursuant to such article, subject to the limits of section three hundred eighty-k of this […]
§ 380-m. Water pollution control linked deposit program. A savings and loan association may make linked loans, each authorized and approved pursuant to article sixteen of the state finance law and each in an amount equal to a corresponding linked deposit made pursuant to such article, subject to the limits of section three hundred eighty-k […]
§ 381. Power to take and hold real estate; restrictions. 1. A savings and loan association may take, hold and convey real property as follows: (a) A plot whereon there is or may be erected a building suitable for the convenient transaction of its business, from portions of which not required for its own use […]
§ 382. Power to borrow. Subject to such regulations as the superintendent of financial services may promulgate, a savings and loan association may borrow money and pledge its assets as security for the repayment thereof if it has been authorized so to do by the vote of a majority of its board of directors.
§ 382-a. Power to act as trustee under self-employed retirement trust and of individual retirement account; investment in savings account. 1. Subject to any regulations and restrictions prescribed by the superintendent of financial services, a savings and loan association shall have power to act as trustee under a retirement plan established pursuant to the provisions […]
§ 382-b. Power to issue certain obligations. 1. In addition to all other powers granted to it by other provisions of law, a savings and loan association may issue such notes, bonds, debentures, or other obligations or other securities as the superintendent may authorize. 2. Subject to such regulations and restrictions as the superintendent of […]
§ 383. Other powers. Every savings and loan association shall, subject to the restrictions and limitations contained in this chapter, have the following powers: 1. To become a member of the Savings and Loan Bank of the State of New York; to exercise such powers as may be conferred upon member associations of such Savings […]
§ 383-a. Rental of safe deposit boxes. Any savings and loan association may rent to its members safe deposit boxes in which to keep personal property and papers of any kind.
§ 384. Entries in books; restrictions; amortization of securities. 1. No savings and loan association shall by any system of accounting or any device of bookkeeping, directly or indirectly, enter any of its assets upon its books in the name of any individual, partnership or unincorporated association or of any other corporation, or under any […]
§ 385. Surplus account. Every savings and loan association shall accumulate and maintain a surplus account as provided in section three hundred eighty-seven of this article. Such surplus account up to ten per centum of the association’s capital shall not be available for any purpose, except with the prior written approval of the superintendent; but […]
§ 386. Profits; how and when to be computed. 1. Every savings and loan association shall close its books, for the purpose of computing its profits, at the end of any period for which a dividend is to be paid and in no event less frequently than quarterly. To determine the amount of gross income […]
§ 387. Credits to surplus account and undivided profits; dividends to shareholders. 1. When the net profits of any savings and loan association have been determined at the close of an accounting period, if its net worth does not equal ten per centum of its capital, such net profits shall be credited to its surplus […]
§ 388. Fines and penalties for failure to make payments on instalment shares. 1. Where dividends on instalment shares are credited by series, a savings and loan association may impose fines upon the holders of instalment shares of a series, their legal representatives or successors in interest, if they neglect to pay dues, interest or […]
§ 389. Matured shares; conversion into shares of another class upon notice. Whenever the dues and dividends credited to instalment or accumulative prepaid shares shall equal their matured value, notice of such maturity shall be given to the holders thereof and the payment of dues thereon shall cease. Such notice shall be mailed to such […]
§ 390. Withdrawal of unpledged shares; provisions for dividends. 1. The accumulations upon shares of any savings and loan association which are not pledged to the association to secure a loan, whether or not such shares are matured, may be withdrawn subject to the provisions of this chapter and of the by-laws and regulations of […]
§ 392. Retirement of shares; suspension; transfer. 1. The board of directors of any savings and loan association may retire shares which are not pledged to the association by requiring their withdrawal, if the by-laws clearly state the manner in which such withdrawals may be required. The holders of such shares shall be paid the […]
§ 393. Repayment of mortgage loans; application of pledged shares. 1. For the purpose of making payment on his mortgage loan a member may at any time, without forfeiture of dividends, transfer from the amount credited upon the shares pledged by him as security, a sum equal to the matured value of one or more […]
§ 394. Joint shares; shares of minors; shares in trust. 3. When shares shall be issued in the name of a minor they shall be held for the exclusive right and benefit of such minor and free from the control or lien of all other persons except creditors, and the withdrawal value thereof shall be […]
