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 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

Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 235-D’s source at nysenate​.gov

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