State Codes and Statutes

Statutes > New-york > Bnk > Article-10-a > 420-g

§ 420-g.  Insurance  of  accounts  and eligibility provisions. 1.   It  shall be the duty of the fund  to  insure  the  accounts  of  all  state  savings and loan associations that apply and qualify therefor.  Approval  of  the  application shall constitute the savings and loan association a  member of the fund.    2. Applications shall be in such form as the fund shall prescribe, and  shall contain an agreement (a)  to  pay  the  reasonable  cost  of  such  examinations  as  the  fund shall deem necessary in connection with such  insurance, and (b) if the insurance is granted, to permit  and  pay  the  cost  of  such examinations as in the judgment of the fund may from time  to time be necessary for its protection and  the  protection  of  member  savings  and loan associations, to permit the fund to have access to any  information or report with respect to any examination made by any public  regulatory authority and to  furnish  any  additional  information  with  respect  thereto as the fund may require, and to pay the premium charges  for insurance as hereinafter provided.    3. The fund shall reject the application of any applicant if it  finds  that  the  applicant  has  assets  insufficient to pay its debts and the  amount due its members upon  savings  accounts  or  that  its  financial  policies  or  management  are unsafe or unsound; and the fund may reject  the application of any applicant if it finds that the character  of  the  management of the applicant or its home financing policy is inconsistent  with  economical  home  financing  or with the purposes of this article.  Upon the approval of any application for insurance the fund shall notify  the applicant, and upon the required purchase of the  capital  stock  of  the  fund  and  upon  the payment of the initial premium charge for such  insurance and required advance premiums the  fund  shall  issue  to  the  applicant   a   certificate  stating  that  it  has  become  an  insured  institution. In considering applications for  such  insurance  the  fund  shall  give  full  consideration  to  all factors in connection with the  financial condition of applicants and insured  institutions,  and  shall  have  power to require such adjustments in their financial statements as  the fund finds to be necessary.    4. Any savings and loan association which applies after January first,  nineteen hundred sixty-seven for insurance under this article shall pay,  in the event its application is  approved,  an  admission  fee  in  such  amount  as the fund shall determine, taking into consideration the total  cost of processing all insurance applications.

State Codes and Statutes

Statutes > New-york > Bnk > Article-10-a > 420-g

§ 420-g.  Insurance  of  accounts  and eligibility provisions. 1.   It  shall be the duty of the fund  to  insure  the  accounts  of  all  state  savings and loan associations that apply and qualify therefor.  Approval  of  the  application shall constitute the savings and loan association a  member of the fund.    2. Applications shall be in such form as the fund shall prescribe, and  shall contain an agreement (a)  to  pay  the  reasonable  cost  of  such  examinations  as  the  fund shall deem necessary in connection with such  insurance, and (b) if the insurance is granted, to permit  and  pay  the  cost  of  such examinations as in the judgment of the fund may from time  to time be necessary for its protection and  the  protection  of  member  savings  and loan associations, to permit the fund to have access to any  information or report with respect to any examination made by any public  regulatory authority and to  furnish  any  additional  information  with  respect  thereto as the fund may require, and to pay the premium charges  for insurance as hereinafter provided.    3. The fund shall reject the application of any applicant if it  finds  that  the  applicant  has  assets  insufficient to pay its debts and the  amount due its members upon  savings  accounts  or  that  its  financial  policies  or  management  are unsafe or unsound; and the fund may reject  the application of any applicant if it finds that the character  of  the  management of the applicant or its home financing policy is inconsistent  with  economical  home  financing  or with the purposes of this article.  Upon the approval of any application for insurance the fund shall notify  the applicant, and upon the required purchase of the  capital  stock  of  the  fund  and  upon  the payment of the initial premium charge for such  insurance and required advance premiums the  fund  shall  issue  to  the  applicant   a   certificate  stating  that  it  has  become  an  insured  institution. In considering applications for  such  insurance  the  fund  shall  give  full  consideration  to  all factors in connection with the  financial condition of applicants and insured  institutions,  and  shall  have  power to require such adjustments in their financial statements as  the fund finds to be necessary.    4. Any savings and loan association which applies after January first,  nineteen hundred sixty-seven for insurance under this article shall pay,  in the event its application is  approved,  an  admission  fee  in  such  amount  as the fund shall determine, taking into consideration the total  cost of processing all insurance applications.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Bnk > Article-10-a > 420-g

§ 420-g.  Insurance  of  accounts  and eligibility provisions. 1.   It  shall be the duty of the fund  to  insure  the  accounts  of  all  state  savings and loan associations that apply and qualify therefor.  Approval  of  the  application shall constitute the savings and loan association a  member of the fund.    2. Applications shall be in such form as the fund shall prescribe, and  shall contain an agreement (a)  to  pay  the  reasonable  cost  of  such  examinations  as  the  fund shall deem necessary in connection with such  insurance, and (b) if the insurance is granted, to permit  and  pay  the  cost  of  such examinations as in the judgment of the fund may from time  to time be necessary for its protection and  the  protection  of  member  savings  and loan associations, to permit the fund to have access to any  information or report with respect to any examination made by any public  regulatory authority and to  furnish  any  additional  information  with  respect  thereto as the fund may require, and to pay the premium charges  for insurance as hereinafter provided.    3. The fund shall reject the application of any applicant if it  finds  that  the  applicant  has  assets  insufficient to pay its debts and the  amount due its members upon  savings  accounts  or  that  its  financial  policies  or  management  are unsafe or unsound; and the fund may reject  the application of any applicant if it finds that the character  of  the  management of the applicant or its home financing policy is inconsistent  with  economical  home  financing  or with the purposes of this article.  Upon the approval of any application for insurance the fund shall notify  the applicant, and upon the required purchase of the  capital  stock  of  the  fund  and  upon  the payment of the initial premium charge for such  insurance and required advance premiums the  fund  shall  issue  to  the  applicant   a   certificate  stating  that  it  has  become  an  insured  institution. In considering applications for  such  insurance  the  fund  shall  give  full  consideration  to  all factors in connection with the  financial condition of applicants and insured  institutions,  and  shall  have  power to require such adjustments in their financial statements as  the fund finds to be necessary.    4. Any savings and loan association which applies after January first,  nineteen hundred sixty-seven for insurance under this article shall pay,  in the event its application is  approved,  an  admission  fee  in  such  amount  as the fund shall determine, taking into consideration the total  cost of processing all insurance applications.

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