2016 New York Laws
BNK - Banking
Article 6 - (Banking) SAVINGS BANKS
257 - Duties of trustees and officers.

 257. Duties of trustees and officers. 1. Trustees and officers shall
  discharge  the  duties  of  their respective positions in good faith and
  with that degree of diligence, care and skill which  prudent  men  would
  exercise  under  similar circumstances in like positions. In discharging
  their duties, trustees and officers, when acting in good faith, may rely
  (a) upon financial statements of the savings bank represented to them to
  be correct by the president or the officer of the  savings  bank  having
  charge  of  the  books  of  account, or stated in a written report by an
  independent public or  certified  public  accountant  or  firm  of  such
  accountants  fairly  to  reflect the financial condition of such savings
  bank and (b) upon reports required  to  be  submitted  to  them  by  any
  provision of this chapter or prepared in the ordinary course of business
  by  an  officer  or  committee charged with the responsibility therefor.
  Nothing in this section shall be  deemed  to  require  the  trustees  to
  perform  functions  vested  in  any  committee,  officer or other person
  pursuant to the provisions of any other section of this chapter.
2. An action may be brought against one or more trustees  or  officers
  of a savings bank to procure a judgment for the following relief:
(a) To compel the defendant to account for his official conduct in the
  following cases:
(1)  The  neglect of, or failure to perform, or other violation of his
  duties in the management and disposition of the  savings  bank's  assets
  committed to his charge.
(2)  The  acquisition by himself, transfer to others, loss or waste of
  the savings bank's assets due to any neglect of or failure  to  perform,
  or other violation of his duties.
(b)  To  set aside a conveyance, assignment or transfer of the savings
  bank's assets by one  or  more  trustees  or  officers,  contrary  to  a
  provision of law, where the transferee knew the purpose of the transfer.
(c) To enjoin such a conveyance, assignment or transfer of the savings
  bank's  assets by one or more of the trustees or officers where there is
  good reason to apprehend that it will be made.
3. Subject to section six  hundred  thirty-one  of  this  chapter,  an
  action  may  be  brought  for  the  relief provided in this section by a
  savings bank or an officer, trustee or judgment creditor thereof.
4. This section shall not affect any liability  otherwise  imposed  by
  law upon any trustee or officer.