N.Y. Comp. Codes R. & Regs. Tit. 3 § 86.8 - Applicability of certain provisions of the banking law to stock-form savings and loan associations

(a) The provisions of the following sections of the Banking Law shall have no applicability to stock-form savings and loan associations:

(1) Section 23--Acceptance or rejection of certificate; investigation fees (to the extent that it shall require the payment of an investigation fee other than the fee payable under Banking Law, section 14-e[2]).

(2) Section 375--Incorporation; organization certificate.

(3) Section 376--Proposed bylaws.

(4) Section 377--When corporate existence begins.

(5) Section 378--Power to issue shares; dues thereon (only to the extent that deposit accounts are denominated therein as share accounts).

(6) Section 385--Surplus account.

(7) Section 386--Profits; how and when to be computed.

(8) Section 387--Credits to surplus account and undivided profits; dividends to shareholders.

(9) Section 388--Fines and penalties for failure to make payments on installment shares.

(10) Section 389--Matured shares; conversion into shares of another class upon notice.

(11) Section 390(1, 2, 3, 4, 6)--Withdrawal of unpledged shares, provisions for dividends.

(12) Section 392--Retirement of shares; suspension; transfer.

(13) Section 397--Number, qualifications and disqualifications of directors; oath; quorum; meeting of directors.

(14) Section 398--Filling of vacancies in board of directors; change in number of directors.

(15) Section 398-a--Forfeiture of office of director.

(16) Section 398-b--Duties of directors and officers.

(17) Section 398-c--Executive committee and other committees.

(18) Section 399--Restrictions on directors and officers.

(19) Section 400--Pensions; insurance.

(20) Section 402--Amendment of articles of association and by-laws; application to supreme court.

(21) Section 405--Annual report to shareholders; delivery and publication.

(22) Section 406--Charters conformed to this article; obligations and rights unimpaired; saving clause.

(b) In addition to such other requirements of law and regulations imposed upon savings and loan associations, stock-form savings and loan associations shall be subject to the following sections of the Banking Law, to the same extent as banks and trust companies referred to therein and any reference in such sections to a bank or trust company shall be deemed to refer also to a stock-form savings and loan association:

(1) Section 103(8)--Restrictions on loans, purchases of securities and total liabilities to bank or trust company of any one person.

(2) Section 109--Closing of books; profits; how to be computed.

(3) Section 110--Surplus fund; of what composed; and for what purposes raised.

(4) Section 111--Profits; credits to surplus fund and to undivided profits.

(5) Section 112--Dividends; payable from net profits; restrictions.

(6) Section 130--Restrictions on officers, directors and employees.

(7) Section 140-a--Stock option plans.

Notes

N.Y. Comp. Codes R. & Regs. Tit. 3 § 86.8