New York Banking Law

Sec. § 234-A
Settlement, Modification or Readjustment of Investment


A savings bank may consent to any settlement, modification or readjustment of any investment in securities legally made by such savings bank, and may accept and hold stocks, bonds, notes, securities or other property, real or personal, offered in full or partial settlement, modification or readjustment of any such investment. The superintendent may, in his discretion, require any savings bank to dispose of any investment acquired by it pursuant to this section.
Source

Last accessed
Dec. 13, 2016