2015 New York Laws
BNK - Banking
Article 3 - (Banking) 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 superintendent, 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.