LegalFix
Sign In

257 - Duties of Trustees and Officers.

NY Banking L § 257 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

(a) To compel the defendant to account for his official conduct in the following cases:

(1) The neglect of, or failure to perform, or other violation of his duties in the management and disposition of the savings bank's assets committed to his charge.

(2) The acquisition by himself, transfer to others, loss or waste of the savings bank's assets due to any neglect of or failure to perform, or other violation of his duties.

(b) To set aside a conveyance, assignment or transfer of the savings bank's assets by one or more trustees or officers, contrary to a provision of law, where the transferee knew the purpose of the transfer.

(c) To enjoin such a conveyance, assignment or transfer of the savings bank's assets by one or more of the trustees or officers where there is good reason to apprehend that it will be made. 3. Subject to section six hundred thirty-one of this chapter, an action may be brought for the relief provided in this section by a savings bank or an officer, trustee or judgment creditor thereof. 4. This section shall not affect any liability otherwise imposed by law upon any trustee or officer.

Previous Section
256 - Photographic Reproduction of Records.
Next Section
258 - Prohibition of Unauthorized Savings Banks and Use of the Word "Savings"; Exception as to School Savings.