New York Laws
Article 10-A - State Savings and Loan Insurance Fund
420-K - Termination of Insurance.

(i) The member pay a termination fee equivalent to twice the last
annual premium paid by it pursuant to subdivision one of section four

hundred twenty-h of this chapter; this fee shall not extend or enlarge
insurance coverage.
(ii) The insured savings and loan association sends to each holder of
a savings account a notice in writing not later than two months after
submission of the certificate; the notice shall be in a form prescribed
by the fund and shall set forth the facts of the termination.
(b) The fund may elect to refund to the association its original
capital contribution to the fund subject to terms it may prescribe,
provided that such refund is made within two years of termination of
membership.

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