LegalFix

284 - Agreement; Filing and Provisions Thereof.

NY Banking L § 284 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

§ 284. Agreement; filing and provisions thereof. The agreement when approved by the superintendent of financial services shall be executed by the savings banks parties thereto and filed in his office. The agreement may be executed in any number of counterparts, all of which taken together shall constitute the original. The agreement shall name the trustee and contain suitable provisions for the removal or resignation of the trustee, or if the trustee named be a board of trustees, for the removal or resignation of any or all of them, and for the appointment of a successor trustee or for the filling of vacancies in such board of trustees, whether caused by death, resignation, disqualification or removal; it shall also provide the amount of the initial contributions to the fund and the manner of making subsequent calls, and may contain such limitations thereon as the superintendent shall approve, but all such initial contributions to the fund and payments pursuant to further calls shall be made ratably by all the member banks in proportion to their several deposit liabilities, except that the superintendent of financial services may exempt from any such call in whole or in part any member bank or banks the condition of which makes such exemption in his opinion desirable; it may also provide for the liquidation of the fund pursuant to rules and regulations for that purpose acceptable to the superintendent of financial services, provided that on any such liquidation the liabilities incurred or assumed by the trustee pursuant to the provisions hereof shall first be paid and the balance, if any, be distributed among the member banks pro rata according to their contributions; and the agreement may similarly provide for the change or amendment thereof with the approval of the superintendent of financial services and with such approval may be amended in such manner as may be provided therein; and the agreement shall also define the powers of the trustee, which may be all or any one or more or the powers hereinafter set forth, together with any additional powers not inconsistent with the powers herein enumerated or with the purposes of the fund, set forth in the agreement.

LegalFix

Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.

LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.

The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.

You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.

The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.

Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.

We have updated our Terms of Service, Privacy Policy, and Disclosures. By continuing to browse this site, you agree to our Terms of Service, Privacy Policy, and Disclosures.