§ 397-A — Report to directors

New York § 397-A

• Jurisdiction: New York
• Law BNK: Banking
• Art. 10: Savings and Loan Associations

Text

§ 397-a. Report to directors. The board of directors of every savings\nand loan association shall designate, by resolution duly recorded in the\nminutes, an officer or officers whose duty it shall be to prepare and\nsubmit to each director present at a regular meeting of the board or to\neach member of an executive committee of not less than five members of\nsuch board present at a regular meeting of such committee, a written\nreport containing such information and meeting such requirements as are\nrequired in the case of reports submitted to the trustees of savings\nbanks pursuant to section two hundred fifty-two of this chapter and such\nregulations as the superintendent may promulgate thereunder or\nhereunder. A copy of such report, verified by the affidavit of the\nofficer or officers charged with the duty of preparing and submitting\nsuch report, together with a list of the directors present at such\nmeeting, shall be filed with the records of the savings and loan\nassociation within one day after such meeting, and shall be presumptive\nevidence of the matters therein stated. The superintendent, by\nregulation, may require the preparation and submission of such a report\nto directors at dates other than those required herein.\n