N.Y. Banking Law Section 234-B
Trust powers

1.

The superintendent of financial services is authorized and empowered to grant permission to a savings bank to exercise any or all of the powers specified in sections one hundred, one hundred-a, one hundred-b and one hundred-c of this chapter. In passing upon applications for permission to exercise any such powers, the superintendent of financial services may take into consideration the amount of surplus of the applying savings bank, whether or not such surplus is sufficient under the circumstances of the case, the needs of the community to be served and any other facts and circumstances that seem to it proper, and may grant or refuse it permission accordingly.

2.

Whenever the laws of this state require a trust company acting in a fiduciary capacity to deposit securities with the state authorities for the protection of private or court trusts, a savings bank, so acting, is empowered to make similar deposits of securities.

4.

The superintendent of financial services is authorized to promulgate such regulations as he or she may deem necessary or proper to implement the provisions of this section and the proper exercise of the powers granted by this section.

Source: Section 234-B — Trust powers, https://www.­nysenate.­gov/legislation/laws/BNK/234-B (updated Sep. 22, 2014; accessed Apr. 13, 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:
Apr. 13, 2024

Last modified:
Sep. 22, 2014

§ 234-B’s source at nysenate​.gov

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