N.Y. Banking Law § 440: Commissions and payment of expenses

§ 440. Commissions and payment of expenses. The savings and loan bank

may charge each member an annual commission, not to exceed one-half of

one per centum, upon the outstanding bonds and notes issued in its

behalf, provided, however, that the rate of commission in any year shall

be the same on all outstanding obligations in respect to which a

commission is charged; or in lieu of charging such commissions the

expenses incurred on account of any such obligations may be charged to

the member on whose behalf such obligations are issued.