N.Y. Banking Law § 433: Proposed by-laws

§ 433. Proposed by-laws. The incorporators shall subscribe and

acknowledge and submit to the superintendent at his office proposed

by-laws in duplicate, which shall prescribe the manner in which the

business of such savings and loan bank shall be conducted with reference

to the following matters: 1. The date during the month of January of the

annual meeting of shareholders; the manner of calling special meetings,

and the number of members which shall constitute a quorum.

2. The number, manner of election and qualifications of directors,

subject to the provisions of section four hundred forty-one of this

article; the method of division into classes for the purpose of

electing, as nearly as may be, an equal number of directors each year;

the removal or suspension of directors; the filling of vacancies in the

board of directors, and the number of directors which shall constitute a

quorum, which shall not be less than five.

3. The meetings, powers and duties of directors; the appointment or

election of committees.

4. The officers; the manner of their election; their terms of office,

duties and compensation; and the bonds which shall be required of

officers.

5. The annual commission that may be charged each member, subject to

the limitations of section four hundred forty of this article.

6. The minimum amount of shares necessary to qualify for membership.

7. The minimum amount of shares necessary to qualify for extension of

credit.

8. The manner of voting, subject to the limitations of section four

hundred forty-four of this article.

9. The transfer of membership, subject to the limitations of section

four hundred thirty-nine of this article.

10. The manner in which the by-laws may be altered or amended.