N.Y. Banking Law 248 – Removal and forfeiture of office of trustee
§ 248. Removal and forfeiture of office of trustee. 1. Whenever the conduct and habits of a trustee are of such a character as to be injurious to the savings bank, or a trustee has been guilty of acts that are detrimental or hostile to the interests of the savings bank, he may be removed from office at any regular meeting of the trustees, by the affirmative vote of three-fourths of all the trustees; provided, however, that a written copy of the charges made against him shall have been served upon him personally at least two weeks before such meeting, that the vote of such trustees shall be entered in the record of the minutes of such meeting, and that such removal shall receive the written approval of the superintendent, which shall be attached to the minutes of such meeting and form a part of the record.
Terms Used In N.Y. Banking Law 248
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- Oath: A promise to tell the truth.
- Trustee: A person or institution holding and administering property in trust.
2. The office of a trustee of a savings bank shall become vacant whenever he
(a) Shall fail to comply with any of the provisions of this article relating to his official oath and declaration.
(b) Shall become disqualified for any of the reasons specified in this article.
(c) Shall have failed to attend the regular meetings of the board of trustees and also of any committee of the board of which he is a member, for a period of six successive months, unless excused by the board for such failure by resolution adopted at the first or second regular meeting of the board after expiration of such six months period and entered upon its minutes; provided, however, that a trustee who has forfeited or vacated his office by reason of such failure to attend meetings shall not be eligible for re-election until the expiration of one year from the date of the first regular meeting of the board at which a resolution could have been adopted by it, as herein provided, to excuse such failure. A copy of such resolution shall be transmitted to the superintendent by the savings bank within five days after its adoption.
(d) Shall violate any of the provisions of this article imposing restrictions upon trustees and officers.
(e) Shall reach the mandatory retirement age, if any, prescribed in the by-laws of the savings bank.
3. A trustee who has forfeited or vacated his office shall not be eligible for re-election, except when the forfeiture or vacancy occurred solely by reason of his
(a) Failure to comply with the provisions of this article relating to his official oath and declaration; or
(b) Failure to attend the regular meetings of the board of trustees or neglect of his official duties as prescribed in paragraph (c) of subdivision two of this section; or
(c) Disqualification through becoming a non-resident, or becoming a trustee, officer or employee of another savings bank, or becoming a director or trustee of a bank, trust company, national bank, mortgage or title company and such disqualification shall have been removed.
(d) Resignation while free of any of the disqualifications specified in this article.