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 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

§ 249’s source at nysenate​.gov

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