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This entry was published on 2014-09-22
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SECTION 284
Agreement; filing and provisions thereof
Banking (BNK) CHAPTER 2, ARTICLE 6-B
§ 284. Agreement; filing and provisions thereof. The agreement when
approved by the superintendent of financial services shall be executed
by the savings banks parties thereto and filed in his office. The
agreement may be executed in any number of counterparts, all of which
taken together shall constitute the original. The agreement shall name
the trustee and contain suitable provisions for the removal or
resignation of the trustee, or if the trustee named be a board of
trustees, for the removal or resignation of any or all of them, and for
the appointment of a successor trustee or for the filling of vacancies
in such board of trustees, whether caused by death, resignation,
disqualification or removal; it shall also provide the amount of the
initial contributions to the fund and the manner of making subsequent
calls, and may contain such limitations thereon as the superintendent
shall approve, but all such initial contributions to the fund and
payments pursuant to further calls shall be made ratably by all the
member banks in proportion to their several deposit liabilities, except
that the superintendent of financial services may exempt from any such
call in whole or in part any member bank or banks the condition of which
makes such exemption in his opinion desirable; it may also provide for
the liquidation of the fund pursuant to rules and regulations for that
purpose acceptable to the superintendent of financial services, provided
that on any such liquidation the liabilities incurred or assumed by the
trustee pursuant to the provisions hereof shall first be paid and the
balance, if any, be distributed among the member banks pro rata
according to their contributions; and the agreement may similarly
provide for the change or amendment thereof with the approval of the
superintendent of financial services and with such approval may be
amended in such manner as may be provided therein; and the agreement
shall also define the powers of the trustee, which may be all or any one
or more or the powers hereinafter set forth, together with any
additional powers not inconsistent with the powers herein enumerated or
with the purposes of the fund, set forth in the agreement.