§ 252. Reports to trustees. The board of trustees of every savings\nbank shall designate, by resolution duly recorded in the minutes, an\nofficer or officers whose duty it shall be to prepare and submit to each\ntrustee present at a regular meeting of the board, or to each member of\nan executive committee of not less than five members of such board,\npresent at a regular meeting of such committee, a written report as\ndescribed in this section. Except as otherwise provided by the\nsuperintendent by regulation, which regulation may define the terms\ncontained herein and establish such requirements according to size\nand/or business activities of a savings bank, such report shall include\nall the purchases and sales of securities, made by such savings bank\nsince the date of the last prec
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§ 252. Reports to trustees. The board of trustees of every savings\nbank shall designate, by resolution duly recorded in the minutes, an\nofficer or officers whose duty it shall be to prepare and submit to each\ntrustee present at a regular meeting of the board, or to each member of\nan executive committee of not less than five members of such board,\npresent at a regular meeting of such committee, a written report as\ndescribed in this section. Except as otherwise provided by the\nsuperintendent by regulation, which regulation may define the terms\ncontained herein and establish such requirements according to size\nand/or business activities of a savings bank, such report shall include\nall the purchases and sales of securities, made by such savings bank\nsince the date of the last preceding report made pursuant to this\nsection. Unless otherwise provided by the superintendent, such report\nshall also contain a statement showing every loan, made or invested in\nby such savings bank, which is outstanding, at the time of such report,\nin an amount equal to or greater than a reportable amount, as\nhereinafter in this section defined, describing the collateral to such\nindebtedness as of the date of such report. A copy of such current\nreport, verified by the affidavit of the officer or officers charged\nwith the duty of preparing and submitting such report, together with a\nlist of the trustees present at such meeting, shall be filed with the\nrecords of the savings bank within one day after such meeting, and shall\nbe presumptive evidence of the matters therein stated. The\nsuperintendent, by regulation, may require the preparation and\nsubmission of such a report to trustees at other than regular board and\ncommittee meetings. For the purposes of this section, (a) the term\n"loan" shall mean the aggregate of all loans to the same borrower,\nexcept that, with respect to loans secured by real estate, it shall mean\nthe aggregate of all loans upon the security of the same real estate;\n(b) the term "borrower" shall, with respect to any loan, mean the\nindividual, partnership, unincorporated association or corporation\nprimarily liable upon the loan; and (c) the term "reportable amount"\nshall, at each time of the determination thereof, mean two hundred fifty\nthousand dollars or one per centum of the net worth of such savings\nbank, whichever is less; provided, however, that such term shall not\ninclude (1) an amount less than one thousand dollars, or (2) the amount\nof any loan which loan is fully secured by the assignment of one or more\ndeposits in such savings bank, or (3) the then amount of a loan which\nloan was outstanding in an equal or greater amount at the date of the\nlast preceding report made pursuant to this section.\n