§ 282 — Creation of fund

New York § 282

• Jurisdiction: New York
• Law BNK: Banking
• Art. 6-B: Fund For Insuring Deposits In Savings Banks And/or Otherwise Protecting Depositors

Text

§ 282. Creation of fund. Any seventy-five or more savings banks\norganized under the laws of the state of New York whose deposits\naggregate not less than fifty per cent of the total deposit liabilities\nof all the savings banks in the state, may enter into an agreement\n(hereinafter called the agreement) subject to the approval of the\nsuperintendent of financial services to create a fund (hereinafter\ncalled the fund) and from time to time make such contributions to such\nfund as the said agreement may provide for, for the purpose of insuring\ndeposits and/or otherwise protecting the interests of depositors in the\nbanks (hereinafter referred to as member banks) which become parties to\nthe said agreement. Once this agreement has become effective, if at any\nsubsequent time there should be fewer member banks than the number\nrequired to create the fund, the remaining member banks are authorized\nto continue the fund.\n