N.Y. Banking Law Section 233
When corporate existence begins

  • conditions precedent to commencing business
When the superintendent shall have approved the organization certificate, as provided in article 2 (Department of Financial Services)article two of this chapter, the corporate existence of the savings bank shall begin, and it may exercise all the powers necessary to the completion of its organization. Such savings bank shall transact no other business until:

1.

The incorporators shall have deposited to the credit of such savings bank in cash as an initial surplus fund at least ten thousand dollars, and, if the superintendent shall so require, shall have entered into an agreement or undertaking with the superintendent as trustee for the depositors of the savings bank, to make such further contributions in cash to the surplus fund as, in the opinion of the superintendent, may be necessary to maintain the savings bank in safe condition to continue business, and shall have filed with the superintendent a surety bond of a corporation authorized to transact the business of insurance in this state, securing such agreement or undertaking in the amount required by the superintendent.

2.

It shall have informed the superintendent of the name, residence and post-office address of each officer of the corporation.

3.

The superintendent shall have duly issued to it the authorization certificate specified in article 2 (Department of Financial Services)article two of this chapter.

Source: Section 233 — When corporate existence begins; conditions precedent to commencing business, https://www.­nysenate.­gov/legislation/laws/BNK/233 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

229
Application 230
Incorporation 232
Organization certificate to be submitted to superintendent 233
When corporate existence begins 234
General powers 234‑A
Settlement, modification or readjustment of investment 234‑B
Trust powers 235
Investment of funds 235‑B
Effect of usury 235‑C
Regulation of certain charges 235‑D
Service corporations owned by savings banks 236
Deposits by savings banks with other banking corporations and private bankers 237
Deposits with savings banks 238
Regulations and restrictions as to repayment of deposits 239
Repayment of deposits of minors, trust deposits, joint deposits, and deposits adversely claimed 239‑A
Preservation of books and records 240
Restrictions as to place of business 240‑A
Electronic facilities 240‑B
Acceptance of United States currency 241
Change of location 242
Assets 243
Surplus fund 244
Earnings 245
Interest payments 246
Board of trustees 246‑A
Executive committee and other committees 247
Restrictions upon trustees and officers 248
Removal and forfeiture of office of trustee 249
Compensation of trustees and officers 250
Pensions 251
Meetings 252
Reports to trustees 253
Official communications from department of financial services to be submitted to trustees and noted in minutes 254
Examinations by trustees 255
Reports to superintendent 255‑A
Publication and delivery of annual report 256
Photographic reproduction of records 257
Duties of trustees and officers 258
Prohibition of unauthorized savings banks and use of the word “savings” 260
Charters of all savings banks conformed to this article 260‑A
Amendment of organization certificate and by-laws 260‑B
Conversion of a savings bank into a savings and loan association
Green check means up to date. Up to date

Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 233’s source at nysenate​.gov

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