This text of New York § 420-G (Insurance of accounts and eligibility provisions) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§ 420-g. Insurance of accounts and eligibility provisions.
1.It\nshall be the duty of the fund to insure the accounts of all state\nsavings and loan associations that apply and qualify therefor. Approval\nof the application shall constitute the savings and loan association a\nmember of the fund.\n 2. Applications shall be in such form as the fund shall prescribe, and\nshall contain an agreement (a) to pay the reasonable cost of such\nexaminations as the fund shall deem necessary in connection with such\ninsurance, and (b) if the insurance is granted, to permit and pay the\ncost of such examinations as in the judgment of the fund may from time\nto time be necessary for its protection and the protection of member\nsavings and loan associations, to permit the fund to have access to any\
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§ 420-g. Insurance of accounts and eligibility provisions. 1. It\nshall be the duty of the fund to insure the accounts of all state\nsavings and loan associations that apply and qualify therefor. Approval\nof the application shall constitute the savings and loan association a\nmember of the fund.\n 2. Applications shall be in such form as the fund shall prescribe, and\nshall contain an agreement (a) to pay the reasonable cost of such\nexaminations as the fund shall deem necessary in connection with such\ninsurance, and (b) if the insurance is granted, to permit and pay the\ncost of such examinations as in the judgment of the fund may from time\nto time be necessary for its protection and the protection of member\nsavings and loan associations, to permit the fund to have access to any\ninformation or report with respect to any examination made by any public\nregulatory authority and to furnish any additional information with\nrespect thereto as the fund may require, and to pay the premium charges\nfor insurance as hereinafter provided.\n 3. The fund shall reject the application of any applicant if it finds\nthat the applicant has assets insufficient to pay its debts and the\namount due its members upon savings accounts or that its financial\npolicies or management are unsafe or unsound; and the fund may reject\nthe application of any applicant if it finds that the character of the\nmanagement of the applicant or its home financing policy is inconsistent\nwith economical home financing or with the purposes of this article.\nUpon the approval of any application for insurance the fund shall notify\nthe applicant, and upon the required purchase of the capital stock of\nthe fund and upon the payment of the initial premium charge for such\ninsurance and required advance premiums the fund shall issue to the\napplicant a certificate stating that it has become an insured\ninstitution. In considering applications for such insurance the fund\nshall give full consideration to all factors in connection with the\nfinancial condition of applicants and insured institutions, and shall\nhave power to require such adjustments in their financial statements as\nthe fund finds to be necessary.\n 4. Any savings and loan association which applies after January first,\nnineteen hundred sixty-seven for insurance under this article shall pay,\nin the event its application is approved, an admission fee in such\namount as the fund shall determine, taking into consideration the total\ncost of processing all insurance applications.\n