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have on hand a reserve fund equal to at least fifteen per centum of the aggregate of its deposits, exclusive of moneys held by it in trust, which are not made payable under the conditions of the trust within thirty days and also exclusive of time deposits not payable within thirty days represented by certificates showing the amount of the deposit, the date of issue, and the date when due and also exclusive of deposits which are secured by outstanding unmatured bonds issued by the state of New York. The whole of such reserve fund must consist of either lawful money of the United States, gold certificates, silver certificates, or notes or bills issued by any lawfully organized national banking association. Every trust company having its principal place of business in a borough in any city in the state which borough had according to the last preceding state or United States census a population of less than eighteen hundred thousand which does not maintain a branch office in a borough having a population of over eighteen hundred thousand inhabitants according to the last preceding state or United States census, shall at all times have on hand a reserve fund equal to at least fifteen per centum of the aggregate of its deposits, exclusive of moneys held by it in trust, which are not made payable under the conditions of the trust within thirty days and also exclusive of time deposits not apayable within thirty days represented by certificates showing the amount of the deposit, the date of issue and the date when due and also exclusive of deposits which are secured by outstanding unmatured bonds issued by the state of New York. The whole of such reserve fund may, and at least two-thirds thereof must, consist of either lawful money of the United States, gold certificates, silver certificates, or notes or bills issued by any lawfully organized national banking association, and the balance thereof over and above the part consisting of lawful money of the United States, gold certificates, silver certificates, notes or bills issued by any lawfully organized national banking association must consist of moneys on deposit subject to call in any banks or trust company in this state having a capital of at least two hundred thousand dollars or a capital and surplus of at least three hundred thousand dollars, and approved by the superintendent of banks. Every trust company having its principal place of business elsewhere in this state shall at all times have on hand a reserve fund equal to at least ten per centum of its aggregate

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deposits, exclusive of moneys held by it in trust which are not made payable under the conditions of the trust within thirty days and also exclusive of time deposits not payable within thirty days represented by certificates showing the amount of deposit, the date of issue and the date when due and also exclusive of deposits which are secured by outstanding unmatured bonds issued by the state of New York. The whole of such last mentioned reserve fund may, and at least fifty per centum thereof must, consist either of lawful money of the United States, gold certificates, silver certificates, or notes or bills, issued by any lawfully organized national banking association; and the balance thereof over and above the part consisting of lawful money of the United States, gold certificates, silver certificates, notes and bills, issued by any lawfully organized national banking association, must consist of money on deposit subject to call in any bank or trust company in this state having a capital of at least two hundred thousand dollars or a capital and surplus of at least three hundred thousand dollars and approved by the superintendent of banks. The amounts to be kept on hand, as above provided, shall be called the lawful money reserve. If the lawful money reserve of any trust company shall be less than the amount required by this section such trust company shall not increase its liability by making any new loans or discounts otherwise than by discounting bills of exchange, payable on sight or making any dividends of its profits until the full amount of its lawful money reserve has been restored. The superintendent of banks may notify any trust company whose lawful money reserve shall be below the amount herein required to make good such reserve, and if it shall fail for thirty days thereafter to make good such reserve such trust company shall be deemed insolvent, and may be proceded against as an insolvent moneyed corporation.

(Former section 164; L. 1906, ch. 337, § 1; L. 1908, ch. 152, § 1.)

1. May 4, 1906, the attorney-general gave the following opinion as to the above section:

"First. That the whole of the reserve required may be held in cash.

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'Second. In the city of New York at least one-third must be held in cash, and in the balance of the State at least three-tenths must be held in cash. "Third. In the city of New York one-third, and in the balance of the State three-tenths of such reserve may be held in securities, or any of them named in said chapter 337 of the Laws of 1906, but the securities in which the capital of

any trust company is invested or those deposited with the superintendent of banks under section 14 of the Banking Law cannot be counted or used for reserve purposes. Any securities, however, of the kind defined in such chapter, held by any trust company aside from those in which its capital is invested, may be counted and used as a part of the reserve, up to but not beyond the percentage permitted by said chapter.

"Fourth. The balance of the reserve, over and above that held in cash and that portion held in securities (not to exceed one-third) may consist of moneys on deposits subject to call in any bank or trust company having a capital of at least $200,000, or a capital and surplus of $300,000, and approved by the superintendent of banks.

"Fifth. None of the balance over and above the one-third or more held in cash, need be in such securities, but all of such balance may be on deposit subject to call in any bank or trust company approved by the superintendent of banks.”

2. As to a trust company certificate of deposit to pay to payee a sum named with interest on a fixed future day (more than 31 days later) or 31 days after date of certificate, such amount is exempt from the required reserve. But it violates Penal Law, § 595 because it allows payment before maturity. Opinion Atty.-Gen., April 26, 1909.

ARTICLE 6.

CO-OPERATIVE SAVINGS AND LOAN ASSOCIATIONS.

SECTION 210. Incorporators.

211. Object and purpose.

212. Incorporation.

213. Directors; by-laws.

214. Capital and shares.

215. Dues; fines; entrance fees; advance payments.

216. Withdrawal of free shares.

217. Dues, when to cease.

218. Loans, how made; premium plans.

219. Security for loans.

220. Arrearages; forfeitures; withdrawal values.

221. Loans due when members in arrears.

222. May purchase at foreclosure sale.

223. Association may borrow to pay withdrawals.

224. Profits and losses ascertained annually.

225. Transfer of shares.

226. Attorney; auditors; amendments to by-laws; right to vote.

227. Eligibility to membership; exemption from execution; from tax

ation.

228. Annual reports to banking department.

229. Forfeiture for failure to report.

230. Visitation by superintendent of banks.

231. Annual statement to stockholders.

232. Provisions applicable to associations formed under certain acts. 233. Amendments to articles.

234. Reincorporation.

235. Assessment of associations for benefit of banking department.
236. Investment of deposits and income.

237. Payment of expenses.

238. Construction of term "co-operative savings and loan association." 239. Construction of reference to laws of eighteen hundred ninety-two. 240. When association may be dissolved.

241. Petition for dissolution.

242. Proceedings on presentation of petition.

243. Hearing and order for dissolution; appointment of trustee.

244. Report and compensation of trustee.

245. Limitation and construction of article.

210. Incorporators. - Any fifteen or more persons of full age and residents of the state of New York, may form an association as provided in this article. All associations formed under the pro visions hereof shall be known as co-operative savings and loan asso

ciations; and the name of every association so formed shall contain as a part thereof the words co-operative savings and loan asso

ciation."

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(Former section 170; L. 1894, ch. 705, § 1.)

See section 180, ante.

§ 211. Object and purpose. The object and purpose of such associations shall be to encourage industry, frugality, home-building and savings among its members; the accumulation of savings, the loaning of such accumulations to its members and the repayment to each member of his savings when they have accumulated to a certain sum, or at any time when he shall desire the same, or the association shall desire to repay the same.

(Former section 171; L. 1894, ch. 705, § 1.)

§ 212. Incorporation. Said association shall become incorporated by the said fifteen or more persons making, signing and acknowledging, in the manner and form prescribed for the acknowledgment of doods in this state, a certificate, wherein shall be stated the name of said association; that the association is formed under and for the purpose prescribed in this article; the town, village or city where the association is located within this state. When made as aforesaid, said certificate shall be filed and recorded in the office. of the superintendent of banks, and upon said certificate being so filed and recorded, the superintendent of banks shall upon the payment of a fee of one dollar therefor, issue a certificate, in proper and suitable form, declaring the facts contained in said original certificate, and the filing and recording thereof in his office, and such latter certificate shall thereupon be recorded in the county clerk's office of the county where said association is located; and upon the same being so recorded, the persons named in the certificate first above mentioned, their associates and successors, shall become a corporate body with power to adopt by-laws relating to the manner of conducting their business not inconsistent with the provisions of this article. A copy of such by-laws and all subsequent amendments thereof shall be filed with the superintendent of banks within thirty days of their adoption.

(Former section 172; L. 1894, ch. 705, § 1.)

See General Corporation Law, §§ 4, 7, 8; Penal Law, §§ 660, 661.

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