New York Laws
Article 6 - Savings Banks
233 - When Corporate Existence Begins; Conditions Precedent to Commencing Business.

§ 233. When corporate existence begins; conditions precedent to
commencing business. When the superintendent shall have approved the
organization certificate, as provided in article two of this chapter,
the corporate existence of the savings bank shall begin, and it may
exercise all the powers necessary to the completion of its organization.
Such savings bank shall transact no other business until:

1. The incorporators shall have deposited to the credit of such
savings bank in cash as an initial surplus fund at least ten thousand
dollars, and, if the superintendent shall so require, shall have entered
into an agreement or undertaking with the superintendent as trustee for
the depositors of the savings bank, to make such further contributions
in cash to the surplus fund as, in the opinion of the superintendent,
may be necessary to maintain the savings bank in safe condition to
continue business, and shall have filed with the superintendent a surety
bond of a corporation authorized to transact the business of insurance
in this state, securing such agreement or undertaking in the amount
required by the superintendent.

2. It shall have informed the superintendent of the name, residence
and post-office address of each officer of the corporation.

3. The superintendent shall have duly issued to it the authorization
certificate specified in article two of this chapter.

Structure New York Laws