N.Y. Banking Law Section 248
Removal and forfeiture of office of trustee


1.

Whenever the conduct and habits of a trustee are of such a character as to be injurious to the savings bank, or a trustee has been guilty of acts that are detrimental or hostile to the interests of the savings bank, he may be removed from office at any regular meeting of the trustees, by the affirmative vote of three-fourths of all the trustees; provided, however, that a written copy of the charges made against him shall have been served upon him personally at least two weeks before such meeting, that the vote of such trustees shall be entered in the record of the minutes of such meeting, and that such removal shall receive the written approval of the superintendent, which shall be attached to the minutes of such meeting and form a part of the record.

2.

The office of a trustee of a savings bank shall become vacant whenever he (a) Shall fail to comply with any of the provisions of this article relating to his official oath and declaration.

(b)

Shall become disqualified for any of the reasons specified in this article.

(c)

Shall have failed to attend the regular meetings of the board of trustees and also of any committee of the board of which he is a member, for a period of six successive months, unless excused by the board for such failure by resolution adopted at the first or second regular meeting of the board after expiration of such six months period and entered upon its minutes; provided, however, that a trustee who has forfeited or vacated his office by reason of such failure to attend meetings shall not be eligible for re-election until the expiration of one year from the date of the first regular meeting of the board at which a resolution could have been adopted by it, as herein provided, to excuse such failure. A copy of such resolution shall be transmitted to the superintendent by the savings bank within five days after its adoption.

(d)

Shall violate any of the provisions of this article imposing restrictions upon trustees and officers.

(e)

Shall reach the mandatory retirement age, if any, prescribed in the by-laws of the savings bank.

3.

A trustee who has forfeited or vacated his office shall not be eligible for re-election, except when the forfeiture or vacancy occurred solely by reason of his (a) Failure to comply with the provisions of this article relating to his official oath and declaration; or

(b)

Failure to attend the regular meetings of the board of trustees or neglect of his official duties as prescribed in paragraph (c) of subdivision two of this section; or

(c)

Disqualification through becoming a non-resident, or becoming a trustee, officer or employee of another savings bank, or becoming a director or trustee of a bank, trust company, national bank, mortgage or title company and such disqualification shall have been removed.

(d)

Resignation while free of any of the disqualifications specified in this article.

Source: Section 248 — Removal and forfeiture of office of trustee, https://www.­nysenate.­gov/legislation/laws/BNK/248 (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

§ 248’s source at nysenate​.gov

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