N.Y. Banking Law Section 236
Deposits by savings banks with other banking corporations and private bankers

  • restrictions

1.

Except for investments made pursuant to subdivision twelve-a of § 235 (Investment of funds)section two hundred thirty-five of this chapter, no savings bank shall deposit any of its funds with any other banking corporation or private banker unless such corporation or private banker has been designated as a depositary by vote of a majority of all the trustees of the savings bank, exclusive of any trustee who is an officer, partner, director or trustee of the depositary so designated.

2.

The amount deposited by any savings bank in any depositary, including investments made pursuant to subdivisions twelve-a and twelve-b of § 235 (Investment of funds)section two hundred thirty-five of this chapter, shall not exceed twenty-five per centum of the net worth as shown by the last published statement of such depositary, if a corporation, or twenty-five per centum of the permanent capital and surplus as shown by the last published statement of such depositary, if a private banker, or five per centum of the aggregate amount credited to the depositors of such savings bank, whichever is smaller.

Source: Section 236 — Deposits by savings banks with other banking corporations and private bankers; restrictions, https://www.­nysenate.­gov/legislation/laws/BNK/236 (updated Sep. 22, 2014; accessed Jun. 15, 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:
Jun. 15, 2024

Last modified:
Sep. 22, 2014

§ 236’s source at nysenate​.gov

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