Application for Trust Powers (Savings Banks/Savings and Loan Associations)
UNOFFICIAL COPY: Supervisory Policy SB 1 -- Authorization Of Trust Powers For Savings Banks
(Statutory authority: Banking Law, §§ 14[1], 234-b)
Sec.
1.1 General statement
1.2 General criteria
1.3 Specific requirements
1.4 Application of other laws and regulations
History: Policy filed March 3, 1981; amd. filed May 30, 1985 eff. May 30, 1985.
SB 1 - § 1.1 -- General Statement.
Pursuant to the provisions of section 234-b of the Banking Law, the Banking Board is prepared to authorize a State-chartered savings bank to exercise, through a trust department, any or all of the powers specified in sections 100, 100-a, 100-b and 100-c of the Banking Law, in accordance with applicable law, provided that:
- the granting of such powers to the institution will promote the convenience and advantage of the public; and
- the proposed management of the trust department commands confidence and warrants the belief that the business of such department will be honestly and efficiently conducted in accordance with the intent and purpose of applicable law.
SB 1 - § 1.2 -- General Criteria.
In passing upon an application pursuant to section 234-b, the Banking Board will consider, in addition to any other facts or circumstances deemed proper, the following:
- the financial condition of the applicant;
- the qualifications and experience of the proposed officer or officers of the trust department and the nature of the supervision to be exercised over the fiduciary activities;
- the type or types of fiduciary activities proposed to be undertaken; and
- the plan of operations of the applicant's trust department, including information as to the manner in which legal, accounting, investment and recordkeeping functions of such department are to be performed and information as to any plans to obtain related services from outside sources.
SB 1 - § 1.3 -- Specific Requirements.
An application for authority to exercise any fiduciary power shall consist of:
- a certified copy of a resolution of the applicant's board of trustees, authorizing the applicant to file the application and to undertake the fiduciary activities specified in the application; and
- a written statement covering the matters specified in section 1.2(b)-(d) of this Part and such other matters as the [Department of Financial Services] shall request after consultation with the applicant.
SB 1 - § 1.4 -- Application Of Other Laws And Regulations.
The provisions of Part 22 of this Title shall apply to any savings bank maintaining such a fund. The terms trust company and board of directors, as used in Part 22, shall be deemed to mean the trust department of a savings bank and board of trustees of a savings bank, respectively.
UNOFFICIAL COPY
Supervisory Policy SL 1 -- Authorization For Trust Powers For Savings And Loan Associations
(Statutory authority: Banking Law, §§ 14[1], 380-h)
Sec.
1.1 General statement
1.2 General criteria
1.3 Specific requirements
1.4 Application of other laws and regulations
History: Policy filed March 3, 1981; amd. filed May 30, 1985 eff. May 30, 1985.
SL 1 - § 1.1 -- General Statement.
Pursuant to the provisions of section 380-h of the Banking Law, the Banking Board is prepared to authorize a State-chartered savings and loan association to exercise through a trust department any or all of the powers specified in sections 100, 100-a, 100-b and 100-c of the Banking Law in accordance with applicable law, provided that:
- the granting of such powers to the institution will promote the convenience and advantage of the public; and
- the proposed management of the trust department commands confidence and warrants the belief that the business of such department will be honestly and efficiently conducted in accordance with the intent and purposes of applicable law.
SL 1 - § 1.2 -- General Criteria.
In passing upon an application pursuant to section 380-h, the Banking Board will consider, in addition to any other facts or circumstances deemed proper, the following:
- the financial condition of the applicant;
- the qualifications and experience of the proposed officer or officers of the trust department and the nature of the supervision to be exercised over the fiduciary activities;
- the type or types of fiduciary activities proposed to be undertaken; and
- the plan of operations of the applicant's trust department, including information as to the manner in which legal, accounting, investment and recordkeeping functions of such department are to be performed and information as to any plans to obtain related services from outside sources.
SL 1 - § 1.3 -- Specific Requirements.
An application for authority to exercise any fiduciary power shall consist of:
- a certified copy of a resolution of the applicant's board of directors, authorizing the applicant to file the application and to undertake the fiduciary activities specified in the application; and
- a written statement covering the matters specified in section 1.2(b)-(d) of this Supervisory Policy and such other matters as the [Department of Financial Services] shall request after consultation with the applicant.
SL 1 - § 1.4 -- Application Of Other Laws And Regulations.
The provisions of Part 22 of this Title shall apply to any savings and loan association maintaining such a fund. The term trust company, as used in Part 22 of this Title, shall be deemed to mean the trust department of a savings and loan association.
Supervisory Policy SL 2 -- Repealed
History: Policy filed Feb. 5, 1973; amds. filed: Feb. 25, 1974; June 12, 1974; July 31, 1975; Aug. 20, 1975; July 18, 1977; repealed, filed July 26, 1979 eff. Aug. 6, 1979.