§ 249. Compensation of trustees and officers.
217 words·~1 min read·
/ny/banking/savings-banks/249·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 249. Compensation of trustees and officers. 1. A trustee of a
savings bank shall not directly or indirectly receive any pay or
emolument for any services rendered to the savings bank, except as
provided in this section.
2. A trustee may, by affirmative vote of a majority of all the
trustees, receive reasonable compensation for
(a)attendance at meetings
of the board of trustees;
(b)service as an officer of the savings bank,
provided his duties as officer require and receive his regular and
faithful attendance at the savings bank;
(c)service in appraising real
property for the savings bank; and
(d)service as a member of a
committee of the board of trustees.
3. An attorney for a savings bank, although he be a trustee thereof,
may receive a reasonable compensation for his professional services,
including examinations and certificates of title to real property on
which mortgage loans are made by the savings bank; or if the savings
bank requires the borrowers to pay all expenses of searches,
examinations and certificates of title, including the drawing,
perfecting and recording of papers, such attorney may collect of the
borrower and retain for his own use the usual fees for such services,
excepting any commissions as broker or on account of placing or
accepting such mortgage loans.