2010 New York Code
BNK - Banking
Article 6 - (229 - 260-B) SAVINGS BANKS
254 - Examinations by trustees.

§ 254.  Examinations  by trustees.  1.  Once in each calendar year the
  trustees of each savings bank by a committee of not less than  three  of
  their  number, none of whom shall be an officer or salaried employee of,
  or an attorney who receives any fee, compensation or any other  form  of
  emolument for legal services rendered to, such savings bank, shall fully
  examine the records and affairs of such savings bank, for the purpose of
  determining its true financial condition. Such examination shall be made
  as  of  a  date  not less than six months after the date of the previous
  such examination. In the conduct of each such examination inquiry  shall
  be  made  into the policies of management for the purpose of determining
  whether such policies are sound and consistent with the requirements  of
  law,  and  into  such  other matters as shall be necessary to enable the
  trustees  to  determine  whether  adequate  protection  is  afforded  to
  depositors.  The  trustees  may  employ  such  assistants  as  they deem
  necessary in making the examination prescribed by  this  section,  other
  than an attorney who receives any fee, compensation or any other form of
  emolument for legal services rendered to such savings bank.
    2.  A savings bank's compliance with section one hundred twelve of the
  Federal Deposit Insurance Corporation Act of 1991, as implemented by the
  provisions   of   part  three  hundred  sixty-three  of  the  rules  and
  regulations of the Federal Deposit Insurance Corporation, as they may be
  amended from time to time, shall be deemed to  satisfy  the  examination
  requirement of this section.
    3.  A  report  of  each  such  examination,  in  such  form  as may be
  prescribed by the superintendent, sworn to by the  trustees  making  the
  same shall, within thirty days after the completion of such examination,
  be  presented to the board of trustees of such savings bank at a regular
  meeting and thereafter filed with the  records  of  such  savings  bank.
  Within  ten  days  after the presentation of such report to the board of
  trustees a duplicate thereof  shall  be  filed  in  the  office  of  the
  superintendent,  together  with  a  certificate  that  such  report  was
  presented to the board of  trustees,  in  the  form  prescribed  by  the
  superintendent.