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 252
Reports to trustees
Banking (BNK) CHAPTER 2, ARTICLE 6
§ 252. Reports to trustees. The board of trustees of every savings
bank shall designate, by resolution duly recorded in the minutes, an
officer or officers whose duty it shall be to prepare and submit to each
trustee present at a regular meeting of the board, or to each member of
an executive committee of not less than five members of such board,
present at a regular meeting of such committee, a written report as
described in this section. Except as otherwise provided by the
superintendent by regulation, which regulation may define the terms
contained herein and establish such requirements according to size
and/or business activities of a savings bank, such report shall include
all the purchases and sales of securities, made by such savings bank
since the date of the last preceding report made pursuant to this
section. Unless otherwise provided by the superintendent, such report
shall also contain a statement showing every loan, made or invested in
by such savings bank, which is outstanding, at the time of such report,
in an amount equal to or greater than a reportable amount, as
hereinafter in this section defined, describing the collateral to such
indebtedness as of the date of such report. A copy of such current
report, verified by the affidavit of the officer or officers charged
with the duty of preparing and submitting such report, together with a
list of the trustees present at such meeting, shall be filed with the
records of the savings bank within one day after such meeting, and shall
be presumptive evidence of the matters therein stated. The
superintendent, by regulation, may require the preparation and
submission of such a report to trustees at other than regular board and
committee meetings. For the purposes of this section, (a) the term
"loan" shall mean the aggregate of all loans to the same borrower,
except that, with respect to loans secured by real estate, it shall mean
the aggregate of all loans upon the security of the same real estate;
(b) the term "borrower" shall, with respect to any loan, mean the
individual, partnership, unincorporated association or corporation
primarily liable upon the loan; and (c) the term "reportable amount"
shall, at each time of the determination thereof, mean two hundred fifty
thousand dollars or one per centum of the net worth of such savings
bank, whichever is less; provided, however, that such term shall not
include (1) an amount less than one thousand dollars, or (2) the amount
of any loan which loan is fully secured by the assignment of one or more
deposits in such savings bank, or (3) the then amount of a loan which
loan was outstanding in an equal or greater amount at the date of the
last preceding report made pursuant to this section.