2010 New York Code
BNK - Banking
Article 3 - (94 - 140-A) BANKS AND TRUST COMPANIES
140-A - Stock option plans.

§ 140-a.   Stock   option  plans.  Subject  to  such  regulations  and
  restrictions as may be prescribed by the banking board by a three-fifths
  vote of all the members thereof, every bank and every trust company  may
  grant  options to purchase authorized and unissued shares of its capital
  stock to officers, directors  and  employees,  for  a  consideration  as
  authorized  by  section  five  thousand four of this chapter of not less
  than one hundred per cent of the fair market value of the shares on  the
  date the option is granted, pursuant to the terms of a stock option plan
  which  has previously been adopted by the board of directors of the bank
  or trust company and approved by  the  holders  of  a  majority  of  the
  outstanding  shares of capital stock of the bank or trust company and by
  the superintendent. Stock options  issued  hereunder  shall  not  extend
  beyond a period of ten years from date of issuance.