§ 282. Creation of fund. Any seventy-five or more savings banks organized under the laws of the state of New York whose deposits aggregate not less than fifty per cent of the total deposit liabilities of all the savings banks in the state, may enter into an agreement (hereinafter called the agreement) subject to the […]
§ 283. Management of fund. The fund shall be collected, held, administered and disbursed by a corporate trustee or a board of trustees composed of individuals who are trustees of mutual savings banks, either of which shall be approved by the superintendent of financial services, which corporate trustee or board of trustees are hereinafter referred […]
§ 284. Agreement; filing and provisions thereof. The agreement when approved by the superintendent of financial services shall be executed by the savings banks parties thereto and filed in his office. The agreement may be executed in any number of counterparts, all of which taken together shall constitute the original. The agreement shall name the […]
§ 285. Powers which may be granted to trustee. In addition to such other powers as may be set forth in the agreement not inconsistent herewith or with the purposes of the fund, the trustee shall have such of the following powers as the agreement may provide: 1. To insure in whole or in part […]
§ 286. Taxation and exemption of property held in fund; exemption of mortgages from mortgage recording tax. The fund and the income thereof shall be exempt from all taxation now or hereafter imposed by the state of New York or by any county, municipality or local authority or subdivision, except that any real property constituting […]
§ 287. Member savings banks. Any savings bank incorporated in the state of New York may become a member of the fund upon the terms and conditions set forth in the agreement by executing the agreement authorized by this article, or a counterpart thereof.
§ 288. Contributions as assets. All contributions and payments pursuant to call paid into the fund by any member savings bank may be carried by it as an asset to the extent authorized by the superintendent of financial services.
§ 289. Confirmation of powers. Any savings bank shall have the authority to do and permit to be done any of the acts and things and make any of the payments and contributions herein authorized.
§ 289-a. Immunity of trustee and member savings banks. The trustee shall in no event be individually liable for anything done or any liability incurred or assumed by virtue hereof, and any such liability shall be collectible only out of the fund, nor shall any member bank be subject to any liability except for its […]
§ 289-b. Construction. The provisions of this article shall be liberally construed with a view to the protection of the depositors of savings banks.
