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This entry was published on 2014-09-22
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Creation of fund
§ 282. Creation of fund. Any seventy-five or more savings banks
organized under the laws of the state of New York whose deposits
aggregate not less than fifty per cent of the total deposit liabilities
of all the savings banks in the state, may enter into an agreement
(hereinafter called the agreement) subject to the approval of the
superintendent of financial services to create a fund (hereinafter
called the fund) and from time to time make such contributions to such
fund as the said agreement may provide for, for the purpose of insuring
deposits and/or otherwise protecting the interests of depositors in the
banks (hereinafter referred to as member banks) which become parties to
the said agreement. Once this agreement has become effective, if at any
subsequent time there should be fewer member banks than the number
required to create the fund, the remaining member banks are authorized
to continue the fund.