2010 New York Code
BNK - Banking
Article 6 - (229 - 260-B) SAVINGS BANKS
252 - Reports to trustees.

§ 252.  Reports  to  trustees.  The board of trustees of every savings
  bank shall designate, by resolution duly recorded  in  the  minutes,  an
  officer or officers whose duty it shall be to prepare and submit to each
  trustee  present at a regular meeting of the board, or to each member of
  an executive committee of not less than  five  members  of  such  board,
  present  at  a  regular  meeting  of such committee, a written report as
  described  in  this  section.  Except  as  otherwise  provided  by   the
  superintendent  by  regulation,  which  regulation  may define the terms
  contained herein and  establish  such  requirements  according  to  size
  and/or  business activities of a savings bank, such report shall include
  all the purchases and sales of securities, made  by  such  savings  bank
  since  the  date  of  the  last  preceding  report made pursuant to this
  section. Unless otherwise provided by the  superintendent,  such  report
  shall  also  contain a statement showing every loan, made or invested in
  by such savings bank, which is outstanding, at the time of such  report,
  in  an  amount  equal  to  or  greater  than  a  reportable  amount,  as
  hereinafter in this section defined, describing the collateral  to  such
  indebtedness  as  of  the  date  of  such report. A copy of such current
  report, verified by the affidavit of the  officer  or  officers  charged
  with  the  duty of preparing and submitting such report, together with a
  list of the trustees present at such meeting, shall be  filed  with  the
  records of the savings bank within one day after such meeting, and shall
  be   presumptive   evidence   of   the   matters   therein  stated.  The
  superintendent,  by  regulation,  may  require   the   preparation   and
  submission  of such a report to trustees at other than regular board and
  committee meetings. For the purposes  of  this  section,  (a)  the  term
  "loan"  shall  mean  the  aggregate  of  all loans to the same borrower,
  except that, with respect to loans secured by real estate, it shall mean
  the aggregate of all loans upon the security of the  same  real  estate;
  (b)  the  term  "borrower"  shall,  with  respect  to any loan, mean the
  individual,  partnership,  unincorporated  association  or   corporation
  primarily  liable  upon  the  loan; and (c) the term "reportable amount"
  shall, at each time of the determination thereof, mean two hundred fifty
  thousand dollars or one per centum of the  net  worth  of  such  savings
  bank,  whichever  is  less;  provided, however, that such term shall not
  include (1) an amount less than one thousand dollars, or (2) the  amount
  of any loan which loan is fully secured by the assignment of one or more
  deposits  in  such  savings bank, or (3) the then amount of a loan which
  loan was outstanding in an equal or greater amount at the  date  of  the
  last preceding report made pursuant to this section.