Terms Used In New York Laws > Banking > Article 16 - General Provisions Applicable to Banking Non-stock Corporations

• Active service: shall mean (1) service while being paid on the payroll; (2) a leave of absence with pay; (3) other approved leave without pay; (4) any period of time between school terms for a teacher or other employee employed on a school-year basis; and (5) periods of time between regularly scheduled periods of paid service in the city university of New York. See N.Y. Retirement and Social Security Law 910
• Active service: shall mean (i) service while being paid on the payroll; (ii) a leave of absence with pay; (iii) other approved leave without pay; and (iv) any period of time between school terms and any time between September first, two thousand and October first, two thousand for a teacher or other employee employed on a school-year basis. See N.Y. Retirement and Social Security Law 900
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Appraisal: A determination of property value.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Case law: The law as laid down in cases that have been decided in the decisions of the courts.
• Cessation date: shall mean the later of (1) October first, two thousand or (2) the date on which the eligible member attains ten years of membership or, if earlier, ten years of credited service. See N.Y. Retirement and Social Security Law 910
• Cessation date: shall mean the beginning date of an eligible employee's first payroll period commencing on or after October first, two thousand, or the effective date as of which such employee becomes eligible for the benefits contained in subdivision b of section nine hundred two of this article, or the date on which the eligible employee attains ten years of membership or, if earlier, ten years of credited service, whichever is latest. See N.Y. Retirement and Social Security Law 900
• city of New York: shall include : (a) every employer other than a state employer which participates in the New York city employees' retirement system, New York city teachers' retirement system, New York city police pension fund, New York city fire department pension fund or the New York city board of education retirement system, and (b) a city of New York funded college of the state university of New York located within such city, the city of New York libraries subject to section thirty-two of this chapter, and the civilian and uniformed employees described in subdivision sixteen of § 1204 of the public authorities law; and (ii) a "state employer" shall mean the unified court system, the senior colleges of the city university of New York and a public benefit corporation, public corporation or subsidiary corporation a majority of the members of which are appointed by the governor, designated by virtue of their state office or appointed or designated by any combination of the foregoing. See N.Y. Retirement and Social Security Law 800
• Concurrent resolution: A legislative measure, designated "S. Con. Res." and numbered consecutively upon introduction, generally employed to address the sentiments of both chambers, to deal with issues or matters affecting both houses, such as a concurrent budget resolution, or to create a temporary joint committee. Concurrent resolutions are not submitted to the President/Governor and thus do not have the force of law.
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• Corporation: means and includes all mutual savings banks, mutual savings and loan associations, mutual holding companies and credit unions. See N.Y. Banking Law 9001
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Deposition: An oral statement made before an officer authorized by law to administer oaths. Such statements are often taken to examine potential witnesses, to obtain discovery, or to be used later in trial.
• Director: means any member of the governing board of a corporation, whether designated as director, trustee, manager, governor or by any other title; the term "board" means "board of directors. See N.Y. Banking Law 9001
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• Eligible member: shall mean a member of a retirement system other than a member who (1) is an employee of the New York city transit authority, and (2) is either (i) subject to the provisions of section 13-161 of the administrative code of the city of New York or (ii) a New York city transit authority member as defined in paragraph one of subdivision a of section six hundred four-b of this chapter. See N.Y. Retirement and Social Security Law 910
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Foreign corporation: means a non-stock corporation which is licensed by the superintendent under the provisions of article two of this chapter to do business in this state or is applying for such license and a non-stock corporation authorized to conduct business in this state pursuant to article five-C of this chapter or is applying for such authorization. See N.Y. Banking Law 9001
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Housing accommodations: shall mean housing accommodations which are subject to the regulations and control of residential rents and evictions pursuant to the emergency housing rent control law, the local emergency housing rent control act, the emergency tenant protection act of nineteen seventy-four, the New York city rent and rehabilitation law or the New York city rent stabilization law of nineteen hundred sixty-nine. See N.Y. Penal Law 241.00
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Intestate: Dying without leaving a will.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Jurisprudence: The study of law and the structure of the legal system.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• Oath: A promise to tell the truth.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Oral argument: An opportunity for lawyers to summarize their position before the court and also to answer the judges' questions.
• Organization certificate: includes (a) the original organization certificate or any other instrument filed or issued under any statute to form a corporation or foreign corporation, as amended, supplemented or restated by certificates of amendment, merger or consolidation or other certificates or instruments filed or issued under any statute; or (b) a special act or charter creating a corporation or foreign corporation, as amended, supplemented or restated by special acts or by certificates of amendment, merger or consolidation or other certificates or instruments filed or issued under any statute. See N.Y. Banking Law 9001
• Owner: shall mean an owner, lessor, sublessor, assignee, net lessee, or a proprietary lessee of a housing accommodation in a structure or premises owned by a cooperative corporation or association, or an owner of a condominium unit or the sponsor of such cooperative corporation or association or condominium development, or any other person or entity receiving or entitled to receive rent for the use or occupation of any housing accommodation, or an agent of or any person acting on behalf of any of the foregoing. See N.Y. Penal Law 241.00
• Participating employer: shall mean an employer, other than a state employer, which participates in a retirement system. See N.Y. Retirement and Social Security Law 900
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
• Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
• Public retirement system: shall mean the New York state and local employees' retirement system, the New York state and local police and fire retirement system, New York state teachers' retirement system, New York city employees' retirement system, New York city teachers' retirement system, New York city police pension fund, New York city fire department pension fund and the New York city board of education retirement system. See N.Y. Retirement and Social Security Law 800
• public retirement system: shall mean the New York state and local employees' retirement system, the New York state teachers' retirement system, the New York state and local police and fire retirement system, the New York city employees' retirement system, the New York city teachers' retirement system, the New York city board of education retirement system, the New York city police pension fund, or the New York city fire department pension fund. See N.Y. Retirement and Social Security Law 645
• Quorum: The number of legislators that must be present to do business.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Rent regulated tenant: shall mean a person occupying a housing accommodation or any lawful successor to the tenancy which is subject to the regulations and control of residential rents and evictions pursuant to the emergency housing rent control law, the local emergency housing rent control act, the emergency tenant protection act of nineteen seventy-four, the New York city rent and rehabilitation law or the New York city rent stabilization law of nineteen hundred sixty-nine, and such person is either a party to a lease or rental agreement for such housing accommodation, a statutory tenant or a person who lawfully occupies such housing accommodation with such party to a lease or rental agreement or with such statutory tenant. See N.Y. Penal Law 241.00
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• Retirement system: shall mean the New York state and local employees' retirement system and the New York state teachers' retirement system. See N.Y. Retirement and Social Security Law 900
• Retirement system: shall mean the New York city teachers' retirement system, the New York city board of education retirement system or the New York city employees' retirement system. See N.Y. Retirement and Social Security Law 910
• Retirement system: shall mean the New York state and local employees' retirement system and the New York state teachers' retirement system. See N.Y. Retirement and Social Security Law 1300
• Retirement system: shall mean the New York state and local employees' retirement system and the New York state teachers' retirement system. See N.Y. Retirement and Social Security Law 1310
• Retirement system: shall mean the New York city employees' retirement system, the New York city teachers' retirement system, and the New York city board of education retirement system. See N.Y. Retirement and Social Security Law 1320
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• state employer: shall mean the unified court system, the senior colleges of the city university of New York and a public benefit corporation, public corporation or subsidiary corporation a majority of the members of which are appointed by the governor, designated by virtue of their state office or appointed or designated by any combination of the foregoing. See N.Y. Retirement and Social Security Law 800
• State employer: shall mean the executive branch of the state, the senate, the assembly and joint legislative employers. See N.Y. Retirement and Social Security Law 900
• Statute: A law passed by a legislature.
• Testator: A male person who leaves a will at death.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
• Trustee: A person or institution holding and administering property in trust.
• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}