N.Y. Banking Law Section 235-D
Service corporations owned by savings banks

  • authorized activities of such corporations
  • investment therein

1.

A savings bank may invest in the stock, capital notes and debentures of one or more service corporations organized under the laws of this state for the sole activities set forth in subdivision two of this section, to the extent and upon such conditions as are or have been authorized by the superintendent of financial services, provided that all of the stock of such service corporations is, or is to be, owned by one or more savings banks; and provided further, that no savings bank may make any investment under this section if its aggregate outstanding investment thereby, determined as prescribed by the superintendent of financial services, would thereupon exceed three per centum of its assets.

2.

The activities of such service corporations, performed directly or through one or more wholly owned subsidiaries, shall consist of rendering such services to savings banks and making such investments for itself and for savings banks as are authorized services and investments for such savings banks under the provisions of this chapter, as well as such activities as may be prescribed by general regulation of the superintendent of financial services.

Source: Section 235-D — Service corporations owned by savings banks; authorized activities of such corporations; investment therein, https://www.­nysenate.­gov/legislation/laws/BNK/235-D (updated Sep. 22, 2014; accessed Apr. 20, 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. 20, 2024

Last modified:
Sep. 22, 2014

§ 235-D’s source at nysenate​.gov

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