Legislation

Search OpenLegislation Statutes
This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 234-B
Trust powers
Banking (BNK) CHAPTER 2, ARTICLE 6
§ 234-b. Trust powers. 1. The superintendent of financial services is
authorized and empowered to grant permission to a savings bank to
exercise any or all of the powers specified in sections one hundred, one
hundred-a, one hundred-b and one hundred-c of this chapter. In passing
upon applications for permission to exercise any such powers, the
superintendent of financial services may take into consideration the
amount of surplus of the applying savings bank, whether or not such
surplus is sufficient under the circumstances of the case, the needs of
the community to be served and any other facts and circumstances that
seem to it proper, and may grant or refuse it permission accordingly.

2. Whenever the laws of this state require a trust company acting in a
fiduciary capacity to deposit securities with the state authorities for
the protection of private or court trusts, a savings bank, so acting, is
empowered to make similar deposits of securities.

4. The superintendent of financial services is authorized to
promulgate such regulations as he or she may deem necessary or proper to
implement the provisions of this section and the proper exercise of the
powers granted by this section.