N.Y. Banking Law Section 260-B
Conversion of a savings bank into a savings and loan association


1.

Any savings bank may convert itself into a savings and loan association upon receiving the approval of the superintendent as hereinafter provided. A meeting of the board of trustees shall be held upon not less than thirty days’ written notice to each trustee, either served personally or mailed to him at his last known address and containing a statement of the time, place and purpose of such meeting. Proof by affidavit of due service of such notice shall be filed in the office of the savings bank before or at the time of such meeting.

2.

At such meeting the trustees may, by vote of not less than two-thirds of all the members of such board of trustees, authorize the conversion of such savings bank into a savings and loan association subject to the approval of the superintendent as hereinafter provided. A copy of the minutes of such meeting, verified by the presiding officer and by the secretary of the meeting, shall be filed in the office of the superintendent within thirty days after the date of such meeting together with a copy of the affidavit of due service of the notice of the meeting, a statement setting forth the reasons why the trustees believe the conversion would be in the best interests of the savings bank, its depositors and the public, and such other information as the superintendent may require. If the superintendent determines that the proposed conversion would be in the best interests of the savings bank, its depositors and the public, he shall so advise the board of trustees of the savings bank and deliver to them his written approval of the proposed conversion.

3.

Upon receiving the superintendent’s written approval of the proposed conversion, there shall be filed with the superintendent, the organization certificate required by § 375 (Incorporation)section three hundred seventy-five of this chapter, executed by a majority of the directors, and proposed by-laws as required by § 376 (Proposed by-laws)section three hundred seventy-six of this chapter.

4.

When the superintendent shall have approved the organization certificate and the proposed by-laws and shall have issued the authorization certificate, provided in article 2 (Department of Financial Services)article two of this chapter, the savings bank shall cease to be a savings bank and shall thereupon be converted into a savings and loan association, but such savings bank shall be deemed to be continued for the purpose of prosecuting or defending suits and of enabling it to wind up its affairs as a savings bank and to dispose of and convey its property. At the time when such conversion becomes effective all the property of the savings bank shall immediately by act of law and without any conveyance or transfer become the property of the savings and loan association and the savings and loan association shall succeed to all the offices, rights, obligations and relations of the savings bank.

Source: Section 260-B — Conversion of a savings bank into a savings and loan association, https://www.­nysenate.­gov/legislation/laws/BNK/260-B (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

§ 260-B’s source at nysenate​.gov

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