ยง 446. Exemptions. The bonds and notes issued by the savings and loan
bank and the savings and loan bank itself, together with its capital,
accumulations and funds, shall have the same exemption from taxation as
other institutions for savings. No law which taxes corporations in any
form, or the shares thereof, or the accumulations therein, shall be
deemed to include the savings and loan bank or its issues of bonds or
notes unless they are specifically named in such law.
Structure New York Laws
Article 10-B - Savings and Loan Bank of the State of New York
432 - Incorporation; Organization Certificate.
434 - When Corporate Existence Begins; Conditions Precedent to Commencing Business.
437 - Redemption of Bonds and Notes; Procedure in Event of Default.
439 - Membership; Liability; Transfer of Shares.
440 - Commissions and Payment of Expenses.
441 - Qualifications and Disqualification of Directors; Oath of Directors.
442 - Number of Directors; Filling of Vacancies; Change of Number.