N.Y. Banking Law § 406: Charters conformed to this article; obligations and rights unimpaired; saving clause; applicability to stock-form savings and loan associ...

§ 406. Charters conformed to this article; obligations and rights

unimpaired; saving clause; applicability to stock-form savings and loan

associations. 1. Except as provided by regulations promulgated by the

superintendent of financial services pursuant to section fourteen-e of

this chapter, the powers, rights, duties, privileges and obligations of

every savings and loan association shall be governed, controlled,

construed, extended, limited and determined by the provisions of this

chapter, and the articles of association, certificate of incorporation,

by-laws or rules of every such association heretofore made or existing,

are hereby modified, altered and amended to conform to the provisions of

this chapter, and are declared void where such articles of association,

certificate of incorporation, by-laws or rules are inconsistent with the

provisions of this chapter; except that the obligations of any existing

association, and the obligations to any such association, existing on

June thirtieth, nineteen hundred thirty-nine, shall not be in any wise

impaired by the provisions of this act. No savings and loan association

shall by reason of the provisions of this act be required to dispose of

any loan or investment held by it on June thirtieth, nineteen hundred

thirty-nine. For the purposes of this section, articles of association

and by-laws are not to be deemed obligations of the association and may

be changed as prescribed in section four hundred two, anything in the

articles of association or by-laws to the contrary notwithstanding.

2. The provisions of this article shall apply to stock-form savings

and loan associations except that the superintendent of financial

services, consistent with the declaration of policy described in section

fourteen-e of this chapter, shall be empowered to deem inapplicable to

stock-form savings and loan associations, sections three hundred

seventy-five, three hundred seventy-six, three hundred seventy-seven,

three hundred seventy-eight, three hundred eighty-five, three hundred

eighty-six, three hundred eighty-seven, three hundred eighty-eight,

three hundred eighty-nine, three hundred ninety, three hundred

ninety-two, three hundred ninety-seven, three hundred ninety-eight,

three hundred ninety-eight-a, three hundred ninety-eight-b, three

hundred ninety-eight-c, subdivisions one, two and three of section three

hundred ninety-nine, four hundred, four hundred two, four hundred five

and four hundred six of this chapter.