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Can you summarize 3 NYCRR Part 24?
General Regulations of the Superintendent > Annual Financial Statements of Commercial Banks, Trust Companies, Stock Form Savings Banks and Stock Form Savings and Loans
Short Summary
The provided legal document content pertains to the annual financial statements of commercial banks, trust companies, stock form savings banks, and stock form savings and loans. These documents govern the requirements for filing annual financial statements and the availability of such information for public inspection. The annual report to stockholders must be completed on a comparative year basis, including figures for the fiscal year covered by the report and the preceding year. However, in the first report, only figures for the fiscal year covered need to be included. The documents specify that commercial banks with 500 or more stockholders have the option to file their annual financial statements with the Board of Governors of the Federal Reserve System or the Federal Deposit Insurance Corporation. Additionally, commercial banks can be exempt from these requirements if their voting securities, except directors’ qualifying shares, are owned, controlled, or held with power to vote by a bank holding company, a single corporation, one or more banks, one or more corporations, or a combination of banks and corporations organized under the laws of a foreign country. Trust companies are exempt if all of their capital stock is owned by 20 or more savings banks. The documents also outline the obligation for commercial banks, trust companies, stock form savings banks, and stock form savings and loan associations to mail an annual report to each of their stockholders at least five days before the bank’s annual meeting. Four copies of the report must be filed with the superintendent at his New York City office. No specific penalties are mentioned in these documents.
Whom does it apply to?
Commercial banks, trust companies, stock form savings banks, and stock form savings and loans
What does it govern?
Annual financial statements of commercial banks, trust companies, stock form savings banks, and stock form savings and loans
What are exemptions?
Commercial banks with 500 or more stockholders can file their annual financial statements with the Board of Governors of the Federal Reserve System or the Federal Deposit Insurance Corporation. Alternatively, if all of a commercial bank's voting securities, except directors' qualifying shares, are owned, controlled, or held with power to vote by a bank holding company or a single corporation, they are exempt. The same exemption applies if all of a commercial bank's voting securities, except directors' qualifying shares, are owned, controlled, or held with power to vote by one or more banks, one or more corporations, or a combination of banks and corporations organized under the laws of a foreign country. Trust companies are also exempt if all of their capital stock is owned by 20 or more savings banks.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
New York