New York Banking Law

Sec. § 230
Incorporation; Organization Certificate

When authorized by the superintendent as provided in article two of this chapter, not less than nine nor more than twenty persons may incorporate a savings bank. They shall subscribe and acknowledge an organization certificate in duplicate, which shall specifically state:


The name by which the corporation is to be known.


The place where its principal office is to be located.


Its duration if other than perpetual.


The name, occupation, citizenship, residence and post-office address of each incorporator.


The amount which each incorporator will contribute in cash to the surplus fund.


The names of the incorporators who are to constitute its first board of trustees. Such persons as individuals and as a group must be free of the disqualifications specified in section two hundred forty-six of this article.

Last accessed
Dec. 13, 2016