2016 New York Laws
BNK - Banking
Article 6 - (Banking) SAVINGS BANKS
236 - Deposits by savings banks with other banking corporations and private bankers; restrictions.

 236.  Deposits  by savings banks with other banking corporations and
  private bankers; restrictions. 1. Except for investments  made  pursuant
  to  subdivision  twelve-a  of  section  two  hundred thirty-five of this
  chapter, no savings bank shall deposit any of its funds with  any  other
  banking corporation or private banker unless such corporation or private
  banker  has been designated as a depositary by vote of a majority of all
  the trustees of the savings bank, exclusive of any  trustee  who  is  an
  officer, partner, director or trustee of the depositary so designated.
2.  The  amount  deposited  by  any  savings  bank  in any depositary,
  including  investments  made  pursuant  to  subdivisions  twelve-a   and
  twelve-b  of  section two hundred thirty-five of this chapter, shall not
  exceed twenty-five per centum of the net worth  as  shown  by  the  last
  published statement of such depositary, if a corporation, or twenty-five
  per  centum  of  the  permanent capital and surplus as shown by the last
  published statement of such depositary, if a private banker, or five per
  centum of the aggregate  amount  credited  to  the  depositors  of  such
  savings bank, whichever is smaller.