N.Y. Banking Law § 140-a: Stock option plans

§ 140-a. Stock option plans. Subject to such regulations and

restrictions as may be prescribed by the superintendent, every bank and

every trust company may grant options to purchase authorized and

unissued shares of its capital stock to officers, directors and

employees, for a consideration as authorized by section five thousand

four of this chapter of not less than one hundred per cent of the fair

market value of the shares on the date the option is granted, pursuant

to the terms of a stock option plan which has previously been adopted by

the board of directors of the bank or trust company and approved by the

holders of a majority of the outstanding shares of capital stock of the

bank or trust company and by the superintendent. Stock options issued

hereunder shall not extend beyond a period of ten years from date of

issuance.