New York Laws
Article 3 - Banks and Trust Companies
121 - Reports to Directors.

§ 121. Reports to directors. The board of directors shall, at least
once in each year by resolution duly recorded in the minutes, designate
an officer or officers whose duty it shall be to prepare and submit,
either to each director present at each regular meeting of the board, or
to each member of an executive committee of not less than five members
of such board, present at a regular meeting of such committee, a written
report as described in this section. Except as otherwise provided by the
superintendent by regulation, which regulation may define the terms
contained herein and establish such requirements according to size
and/or business activities of a bank or trust company, such report shall
include all the purchases and sales of securities, and every discount,
loan or other advance, including all renewals made and the maximum
overdraft permitted in each account, since the date of the last
preceding similar report, describing the collateral to such indebtedness
as of the date of the report; but such officer or officers may omit from
such report discounts, loans or advances, including overdrafts and
renewals, of an amount less than one-half of one per centum of the
combined capital stock, surplus fund and undivided profits of such bank
or trust company, or less than one thousand dollars, whatever the
combined capital stock, surplus fund and undivided profits may be.
Unless the superintendent shall provide otherwise by regulation, which
regulation may define the terms contained herein and establish such
requirements according to size and/or business activities of a bank or
trust company, such report shall also contain a list giving the
aggregate of loans, discounts and advances, including overdrafts and
renewals, to each individual, partnership, unincorporated association,
corporation or person whose liability to the bank or trust company has
been increased, since the date of the last preceding similar report to
an amount equal to or more than the amount above required to be
reported, and such report shall also include any further increase
thereafter provided that the amount of any such increase, either itself,
or together with other increases since such loan, discount, advance,
overdraft or renewal was last reported is equal to more than one-tenth
of one per centum of the combined capital stock, surplus fund and
undivided profits of such bank or trust company. Each such report shall
also contain a description of the collateral to such indebtedness held
by the bank or trust company as of the date of the report unless the
superintendent shall provide otherwise by regulation. Such aggregate
liabilities shall be computed as provided in paragraph (e) of
subdivision one of section one hundred three of this article. A copy of
such report, together with a list of the directors present at such
meeting, verified by the affidavit of the officer or officers charged
with the duty of preparing and submitting such report shall be filed
with the records of the bank or trust company within five business days
after such meeting, and be presumptive evidence of the matters therein
stated.

Structure New York Laws