N.Y. Banking Law § 260-B Conversion of a Savings Bank Into a Savings and Loan Association

• Library: New York Statutes
• Edition: 2023
• Currency: Current through 2023 NY Law Chapter 777
• Year: 2023
• Citation: N.Y. Banking Law § 260-B

1. Any savings bank may convert itself into a savings and loan association upon receiving the approval of the superintendent as hereinafter provided. A meeting of the board of trustees shall be held upon not less than thirty days' written notice to each trustee, either served personally or mailed to him at his last known address and containing a statement of the time, place and purpose of such meeting. Proof by affidavit of due service of such notice shall be filed in the office of the savings bank before or at the time of such meeting.

2. At such meeting the trustees may, by vote of not less than two-thirds of all the members of such board of trustees, authorize the conversion of such savings bank into a savings and loan association subject to the approval of the superintendent as hereinafter provided. A copy of the minutes of such meeting, verified by the presiding officer and by the secretary of the meeting, shall be filed in the office of the superintendent within thirty days after the date of such meeting together with a copy of the affidavit of due service of the notice of the meeting, a statement setting forth the reasons why the trustees believe the conversion would be in the best interests of the savings bank, its depositors and the public, and such other information as the superintendent may require. If the superintendent determines that the proposed conversion would be in the best interests of the savings bank, its depositors and the public, he shall so advise the board of trustees of the savings bank...