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,
375--Incorporation; organization certificate.
(3) Section 376--Proposed bylaws.
(4) Section 377--When corporate existence
(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
(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;
397--Number, qualifications and disqualifications of directors; oath; quorum;
meeting of directors.
398--Filling of vacancies in board of directors; change in number of
398-a--Forfeiture of office of director.
(16) Section 398-b--Duties of directors and
398-c--Executive committee and other committees.
(18) Section 399--Restrictions on directors
Section 402--Amendment of articles of association and by-laws; application to
405--Annual report to shareholders; delivery and publication.
(22) Section 406--Charters conformed to this
article; obligations and rights unimpaired; saving clause.
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
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.
Section 112--Dividends; payable from net profits; restrictions.
(6) Section 130--Restrictions on officers,
directors and employees.
Section 140-a--Stock option plans.