N.Y. Banking Law Section 254
Examinations by trustees


1.

Once in each calendar year the trustees of each savings bank by a committee of not less than three of their number, none of whom shall be an officer or salaried employee of, or an attorney who receives any fee, compensation or any other form of emolument for legal services rendered to, such savings bank, shall fully examine the records and affairs of such savings bank, for the purpose of determining its true financial condition. Such examination shall be made as of a date not less than six months after the date of the previous such examination. In the conduct of each such examination inquiry shall be made into the policies of management for the purpose of determining whether such policies are sound and consistent with the requirements of law, and into such other matters as shall be necessary to enable the trustees to determine whether adequate protection is afforded to depositors. The trustees may employ such assistants as they deem necessary in making the examination prescribed by this section, other than an attorney who receives any fee, compensation or any other form of emolument for legal services rendered to such savings bank.

2.

A savings bank’s compliance with section one hundred twelve of the Federal Deposit Insurance Corporation Act of 1991, as implemented by the provisions of part three hundred sixty-three of the rules and regulations of the Federal Deposit Insurance Corporation, as they may be amended from time to time, shall be deemed to satisfy the examination requirement of this section.

3.

A report of each such examination, in such form as may be prescribed by the superintendent, sworn to by the trustees making the same shall, within thirty days after the completion of such examination, be presented to the board of trustees of such savings bank at a regular meeting and thereafter filed with the records of such savings bank. Within ten days after the presentation of such report to the board of trustees a duplicate thereof shall be filed in the office of the superintendent, together with a certificate that such report was presented to the board of trustees, in the form prescribed by the superintendent.

Source: Section 254 — Examinations by trustees, https://www.­nysenate.­gov/legislation/laws/BNK/254 (updated Sep. 22, 2014; accessed Dec. 21, 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:
Dec. 21, 2024

Last modified:
Sep. 22, 2014

§ 254’s source at nysenate​.gov

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