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This entry was published on 2014-09-22
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Savings Banks
Banking (BNK) CHAPTER 2

Section 229. Application.

230. Incorporation; organization certificate.

232. Organization certificate to be submitted to

superintendent; proof of publication and service of

notice of intention.

233. When corporate existence begins; conditions precedent to

commencing business.

234. General powers.

234-a. Settlement, modification or readjustment of investment.

234-b. Trust powers.

235. Investment of funds.

235-b. Effect of usury.

235-c. Regulation of certain charges.

235-d. Service corporations owned by savings banks; authorized

activities of such corporations; investment therein.

236. Deposits by savings banks with other banking corporations

and private bankers; restrictions.

237. Deposits with savings banks; restrictions.

238. Regulations and restrictions as to repayment of deposits.

239. Repayment of deposits of minors, trust deposits, joint

deposits, and deposits adversely claimed; interpleader

in certain actions; statute of limitations.

239-a. Preservation of books and records.

240. Restrictions as to place of business; branch offices.

240-a. Electronic facilities.

240-b. Acceptance of United States currency.

241. Change of location; change of designation of principal


242. Assets; how entered and carried on books; disallowance by


243. Surplus fund.

244. Earnings; how and when to be computed; transfers to

surplus fund.

245. Interest payments.

246. Board of trustees; number; vacancies; qualifications;

oath and declaration.

246-a. Executive committee and other committees.

247. Restrictions upon trustees and officers.

248. Removal and forfeiture of office of trustee.

249. Compensation of trustees and officers.

250. Pensions; insurance.

251. Meetings; quorum; by-laws; officers.

252. Reports to trustees.

253. Official communications from department of financial

services to be submitted to trustees and noted in


254. Examinations by trustees.

255. Reports to superintendent; penalty for failure to make.

255-a. Publication and delivery of annual report.

256. Photographic reproduction of records.

257. Duties of trustees and officers.

258. Prohibition of unauthorized savings banks and use of the

word "savings"; exception as to school savings.

260. Charters of all savings banks conformed to this article.

260-a. Amendment of organization certificate and by-laws.

260-b. Conversion of a savings bank into a savings and loan