N.Y. Banking Law § 284: Agreement; filing and provisions thereof

§ 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.