N.Y. Banking Law Section 249
Compensation of trustees and officers


1.

A trustee of a savings bank shall not directly or indirectly receive any pay or emolument for any services rendered to the savings bank, except as provided in this section.

2.

A trustee may, by affirmative vote of a majority of all the trustees, receive reasonable compensation for (a) attendance at meetings of the board of trustees;

(b)

service as an officer of the savings bank, provided his duties as officer require and receive his regular and faithful attendance at the savings bank;

(c)

service in appraising real property for the savings bank; and

(d)

service as a member of a committee of the board of trustees.

3.

An attorney for a savings bank, although he be a trustee thereof, may receive a reasonable compensation for his professional services, including examinations and certificates of title to real property on which mortgage loans are made by the savings bank; or if the savings bank requires the borrowers to pay all expenses of searches, examinations and certificates of title, including the drawing, perfecting and recording of papers, such attorney may collect of the borrower and retain for his own use the usual fees for such services, excepting any commissions as broker or on account of placing or accepting such mortgage loans.

Source: Section 249 — Compensation of trustees and officers, https://www.­nysenate.­gov/legislation/laws/BNK/249 (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

§ 249’s source at nysenate​.gov

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