N.Y. Banking Law § 490-D Provisions of Agreement

• Library: New York Statutes
• Edition: 2023
• Currency: Current through 2023 NY Law Chapter 682

The agreement shall provide for the following:

(a) The designation of a corporate trustee or a board of trustees to administer the fund and procedure for the resignation or removal of any such trustee or trustees and for the selection of a substitute trustee or trustees;

(b) The amount of the initial contribution to the fund, which shall be made by all parties to the agreement ratably in proportion to their respective share and deposit liabilities, and which shall be not less than one-fourth of one per centum of the total share and deposit liabilities, of each such party;

(c) The manner of making subsequent calls for contributions, which shall be made ratably upon all parties to the agreement in proportion to their respective share and deposit liabilities, except that the superintendent, where he deems it necessary and advisable, may exempt any such party or parties from any such call in whole or in part;