New York § 440 Commissions and payment of expenses

New York Statutes

§ 440 — Commissions and payment of expenses

New York § 440

Law BNKBanking

Art. 10-BSavings and Loan Bank of the State of New York

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Bluebook

N.Y. Banking § 440 (2026).

Text

  § 440. Commissions and payment of expenses. The savings and loan bank\nmay charge each member an annual commission, not to exceed one-half of\none per centum, upon the outstanding bonds and notes issued in its\nbehalf, provided, however, that the rate of commission in any year shall\nbe the same on all outstanding obligations in respect to which a\ncommission is charged; or in lieu of charging such commissions the\nexpenses incurred on account of any such obligations may be charged to\nthe member on whose behalf such obligations are issued.\n

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§ 440. Commissions and payment of expenses. The savings and loan bank\nmay charge each member an annual commission, not to exceed one-half of\none per centum, upon the outstanding bonds and notes issued in its\nbehalf, provided, however, that the rate of commission in any year shall\nbe the same on all outstanding obligations in respect to which a\ncommission is charged; or in lieu of charging such commissions the\nexpenses incurred on account of any such obligations may be charged to\nthe member on whose behalf such obligations are issued.\n