N.Y. Banking Law Section 111
Profits

  • credits to surplus fund and to undivided profits
In any case where the combined capital stock, surplus fund and undivided profits of a bank or trust company do not equal ten per centum of its net deposit liabilities, the superintendent of financial services may in his or her discretion require such bank or trust company at the close of each accounting period to credit its surplus fund with a portion of its net profits for such period, not to exceed ten per centum thereof, until its combined capital stock, surplus fund and undivided profits equal ten per centum of its net deposit liabilities. For the purposes of this section, the term “net deposit liabilities” shall mean total deposits including all amounts due to national banks, banks, bankers, trust companies and savings banks, the amounts due on certified and cashier’s checks, and for unpaid dividends less the amounts of balances due from national banks, banks, bankers, and trust companies and cash items in process of collection payable immediately upon presentation in the United States.

Source: Section 111 — Profits; credits to surplus fund and to undivided profits, https://www.­nysenate.­gov/legislation/laws/BNK/111 (updated Sep. 22, 2014; accessed Apr. 2, 2025).

94
Change from bank to trust company 96
General powers 96–A
Servicing of mortgages by banks 96–B
Payroll payment by banks or trust companies 96–C
Power to act as trustee under self-employed retirement trust or individual retirement trust 96–D
Banking development districts 97
Power to purchase securities and stocks 98
Power to take and hold real estate 98–A
Club accounts 100
Fiduciary powers 100–A
Fiduciary capacities 100–B
Investments as fiduciary 100–C
Common trust funds 100–D
Foreign common trust funds 101
Additional powers of certain trust companies 102
Powers of specially chartered trust companies 102–A
Limited liability trust companies 103
Restrictions on loans, purchases of securities and total liabilities to bank or trust company of any one person 104
Entries in books 105
Branch offices 105–A
Electronic facilities 105–B
Trust offices 106
Deposits by banks and trust companies with other banking corporations and private bankers 107
Reserves against deposits 107–A
Security for public deposits 108
Rates of interest 108–A
Acceptance of United States currency 109
Closing of books 110
Surplus fund 111
Profits 112
Dividends 113
Change of location 114
Assessment of stockholders to make good impairment of capital stock 121
Reports to directors 122
Examinations of banks and trust companies by directors 123
Reports of directors’ examinations 124
Communications from department of financial services to be submitted to directors and noted in minutes 125
Reports to superintendent 128
Preservation of books and records 129
Requirement of notice on withdrawal of certain time deposits 129–A
Requirement of written notification 130
Restrictions on officers, directors and employees 131
Prohibitions against encroachments upon certain powers of banks and trust companies 132
Use of sign, or words, indicating bank or trust company by unauthorized persons prohibited 133
Use of banking institution name 134
Repayment of deposits standing in the names of minors, trustees or joint depositors 136
Change of national banking association into state bank by conversion or merger 136–A
Purchase of assets of national banking association by bank or trust company 136–B
Approval of superintendent 136–C
Effect of merger or conversion of national banking association into state bank 137
Change of state bank into national banking association by conversion, merger or consolidation 138
Foreign branches 139
Saving clause 140–A
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Accessed:
Apr. 2, 2025

Last modified:
Sep. 22, 2014

§ 111’s source at nysenate​.gov

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