N.Y. Banking Law Section 378-B
Club accounts


1.

No contract under which a savings and loan association agrees to repay shares of fixed sums made at regular intervals at a given time with all interest or dividends credited thereon, or to repay said shares when, together with interest or dividends credited thereon, they shall equal a specified sum, may provide for any forfeiture of the sums deposited in the event of the discontinuance of the regular payments. Interest or dividends on club accounts, if offered, must be credited at least quarterly and may not be forfeited once credited, in the event of the discontinuance of regular payments.

2.

Any savings and loan association which provides for deposits in club accounts shall, in all advertising announcements or brochures pertaining to such accounts, state whether or not interest or dividends are paid thereon and, if interest or dividends are paid, shall state the rate or form of interest or dividends so paid in accordance with any rules and regulations that may be prescribed by the superintendent.

Source: Section 378-B — Club accounts, https://www.­nysenate.­gov/legislation/laws/BNK/378-B (updated Sep. 22, 2014; accessed Nov. 25, 2023).

375
Incorporation
376
Proposed by-laws
377
When corporate existence begins
378
Power to issue shares
378–A
Time deposits
378–B
Club accounts
378–C
Excelsior linked deposit program
378–D
Preservation of books and records
378–E
Water pollution control linked deposit program
379
Power to invest in securities
379–B
Service corporation owned by associations
380
Power to make loans
380–A
Power to purchase mortgage, loan or investment
380–B
Power to purchase mortgages from mortgage holders
380–C
Power to participate in certain loans and mortgage investments
380–E
Effect of usury
380–F
Power to make advances of federal funds
380–G
Power to engage in line of credit financing of residential real estate
380–H
Trust powers
380–I
Personal loan departments
380–J
Authorization to acquire and lease personal property
380–K
Investment in promissory notes
380–L
Excelsior linked deposit program
380–M
Water pollution control linked deposit program
381
Power to take and hold real estate
382
Power to borrow
382–A
Power to act as trustee under self-employed retirement trust and of individual retirement account
382–B
Power to issue certain obligations
383
Other powers
383–A
Rental of safe deposit boxes
384
Entries in books
385
Surplus account
386
Profits
387
Credits to surplus account and undivided profits
388
Fines and penalties for failure to make payments on instalment shares
389
Matured shares
390
Withdrawal of unpledged shares
392
Retirement of shares
393
Repayment of mortgage loans
394
Joint shares
395
Alternative provisions relative to payment of interest to shareholders
396
Change of location
396–A
Electronic facilities
396–B
Acceptance of United States currency
397
Number, qualifications and disqualifications of directors
397–A
Report to directors
398
Filling of vacancies in board of directors
398–A
Forfeiture of office of director
398–B
Duties of directors and officers
398–C
Executive committee and other committees
399
Restrictions on directors and officers
399–A
Restrictions on holding of certain offices by executive officers of federal savings banks and federal savings associations
400
Pensions
401
Official communications to be submitted to directors and noted in minutes
402
Amendment of articles of association and by-laws
403
Examination by directors
404
Reports to the superintendent
404–A
Photographic reproduction of records
405
Annual report to shareholders
406
Charters conformed to this article
407
Exemptions
409
Conversion of a state savings and loan association into a federal savings and loan association
410
Conversion of a federal savings and loan association into a state savings and loan association
411
Conversion of a savings and loan association or federal savings and loan association into a savings bank
412
Conversion of federal savings institutions to state charter
413
Reciprocal interstate acquisitions

Accessed:
Nov. 25, 2023

Last modified:
Sep. 22, 2014

§ 378-B’s source at nysenate​.gov

Link Style