N.Y. Comp. Codes R. & Regs. tit. 3 § 412.3

Current through Register Vol. 46, No. 43, October 23, 2024

Section 412.3 - Liquidation

The Fund for Savings Banks may be liquidated upon occurrence of:

(a) the affirmative vote to liquidate, taken at a regular or a special meeting, of not less than 75 percent of total number of member banks representing not less than 662/3 percent of the total outstanding deposit liabilities of all the member banks;

(b) the payment of all liabilities incurred or assumed by the fund under the provisions of the agreement and article VI-B of the Banking Law; and

(c) the distribution of the balance thereof to the members pro rata according to their contribution under Banking Law, section 284 and in accordance with article V, section 2 of the agreement.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 412.3