Learn About The Law
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Current as of January 01, 2026 | Updated by Findlaw Staff
When authorized by the superintendent as provided in article two of this chapter, ten or more savings and loan associations, the aggregate resources of which shall not be less than five million dollars, may form the Savings and Loan Bank of the State of New York. Each of such associations shall subscribe, acknowledge and submit to the superintendent at his office an organization certificate in duplicate which shall specifically state:
1. The name, “Savings and Loan Bank of the State of New York.”
2. The place in the state of New York where its business is to be transacted.
3. The number of shares for which each association has subscribed which shall amount in the aggregate to not less than one hundred thousand dollars.
4. The number of directors of such savings and loan bank, which shall not be less than seven nor more than fifteen, and the names of the persons who shall be its directors until the first annual meeting. The certificate shall recite that the directors possess the qualifications specified in section four hundred forty-one of this article.
5. The name and location of the principal office of each savings and loan association subscribing the certificate and the aggregate resources of each such association.
Cite this article: FindLaw.com - New York Consolidated Laws, Banking Law - BNK § 432. Incorporation; organization certificate - last updated January 01, 2026 | https://codes.findlaw.com/ny/banking-law/bnk-sect-432/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Search our directory by legal issue
Enter information in one or both fields (Required)