2006 New York Code - Creation Of Fund.

 
    § 282.  Creation  of  fund.  Any  seventy-five  or  more savings banks
  organized under the laws  of  the  state  of  New  York  whose  deposits
  aggregate  not less than fifty per cent of the total deposit liabilities
  of all the savings banks in the  state,  may  enter  into  an  agreement
  (hereinafter  called  the  agreement)  subject  to  the  approval of the
  superintendent of banks to create a fund (hereinafter called  the  fund)
  and  from  time to time make such contributions to such fund as the said
  agreement may provide for, for the purpose of insuring  deposits  and/or
  otherwise   protecting   the   interests  of  depositors  in  the  banks
  (hereinafter referred to as member banks) which become  parties  to  the
  said  agreement.    Once  this agreement has become effective, if at any
  subsequent time there should be  fewer  member  banks  than  the  number
  required  to  create the fund, the remaining member banks are authorized
  to continue the fund.