N.Y. Banking Law § 282: 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.