N.Y. Banking Law Section 121
Reports to directors

The board of directors shall, at least once in each year by resolution duly recorded in the minutes, designate an officer or officers whose duty it shall be to prepare and submit, either to each director present at each regular meeting of the board, or to each member of an executive committee of not less than five members of such board, present at a regular meeting of such committee, a written report as described in this section. Except as otherwise provided by the superintendent by regulation, which regulation may define the terms contained herein and establish such requirements according to size and/or business activities of a bank or trust company, such report shall include all the purchases and sales of securities, and every discount, loan or other advance, including all renewals made and the maximum overdraft permitted in each account, since the date of the last preceding similar report, describing the collateral to such indebtedness as of the date of the report; but such officer or officers may omit from such report discounts, loans or advances, including overdrafts and renewals, of an amount less than one-half of one per centum of the combined capital stock, surplus fund and undivided profits of such bank or trust company, or less than one thousand dollars, whatever the combined capital stock, surplus fund and undivided profits may be. Unless the superintendent shall provide otherwise by regulation, which regulation may define the terms contained herein and establish such requirements according to size and/or business activities of a bank or trust company, such report shall also contain a list giving the aggregate of loans, discounts and advances, including overdrafts and renewals, to each individual, partnership, unincorporated association, corporation or person whose liability to the bank or trust company has been increased, since the date of the last preceding similar report to an amount equal to or more than the amount above required to be reported, and such report shall also include any further increase thereafter provided that the amount of any such increase, either itself, or together with other increases since such loan, discount, advance, overdraft or renewal was last reported is equal to more than one-tenth of one per centum of the combined capital stock, surplus fund and undivided profits of such bank or trust company. Each such report shall also contain a description of the collateral to such indebtedness held by the bank or trust company as of the date of the report unless the superintendent shall provide otherwise by regulation. Such aggregate liabilities shall be computed as provided in paragraph (e) of subdivision one of § 103 (Restrictions on loans, purchases of securities and total liabilities to bank or trust company of any one person)section one hundred three of this article. A copy of such report, together with a list of the directors present at such meeting, verified by the affidavit of the officer or officers charged with the duty of preparing and submitting such report shall be filed with the records of the bank or trust company within five business days after such meeting, and be presumptive evidence of the matters therein stated.

Source: Section 121 — Reports to directors, https://www.­nysenate.­gov/legislation/laws/BNK/121 (updated Sep. 22, 2014; accessed Feb. 7, 2026).

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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Verified:
Feb. 7, 2026

Last modified:
Sep. 22, 2014

§ 121. Reports to directors's source at nysenate​.gov

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