N.Y. Banking Law § 283
Management of fund
New York · New York Banking Law · Status: effective · Effective 2014-09-22
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- N.Y. Banking Law § 283, Management of fund, New York, version 1 as recorded 2026-07-25, yourstate.us, https://yourstate.us/provision/1094530
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Full text
§ 283. Management of fund. The fund shall be collected, held,
administered and disbursed by a corporate trustee or a board of trustees
composed of individuals who are trustees of mutual savings banks, either
of which shall be approved by the superintendent of financial services,
which corporate trustee or board of trustees are hereinafter referred to
as the trustee. In the event there be a board of individual trustees, a
majority of them at any time in office shall constitute a quorum, and
the vote of a majority at any meeting, provided a quorum be present,
shall be determinative and any action taken pursuant thereto be the
action of the trustee.