§ 13. Such law is hereby amended by adding thereto a new section, to be section twenty-six-c, to read as follows: § 26-c. Special provisions with respect to Battery Park city projects. 1. No loan shall be made by the state or the New York state housing finance agency for the acquisition, construction, reconstruction, rehabilitation or improvement of a Battery Park city project, nor shall any such project be approved by the commissioner, unless the commissioner finds that: (a) the estimated revenues of the project will be sufficient to cover all probable costs of all operations and maintenance, of fixed charges and operating reserves and depreciation reserves, if any; (b) the plans and specifications of the project assure adequate light, air, sanitation and fire protection; (c) the project is in conformity with a plan or undertaking for providing low rent housing facilities for persons of low income. 2. Notwithstanding any other provisions of this article, in the case of a Battery Park city project financed or to be financed by a loan from Battery Park city authority, all approvals, findings and consents which are required to be given or made by the commissioner pursuant to this article shall be given or made instead by Battery Park city authority, and the authority shall exercise, with respect to such project and with respect to the company carrying out such project, all of the powers and duties exercised by the commissioner pursuant to this article with respect to projects financed by the New York state housing finance agency. § 14. Section twenty-nine of such law is hereby amended by adding thereto a new subdivision, to be subdivision (c), to read as follows: (c) Notwithstanding the provisions of subdivision (a) of this section, in the case of a Battery Park city project financed or to be financed by a loan from Battery Park city authority, the approval of the project and the certificate declaring that the acquisition of the property is necessary for the public purposes defined in this article shall be issued by Battery Park city authority. § 15. Paragraph (c) of subdivision one of section forty-seven of such law, as last amended by chapter three hundred eighty-four of the laws of nineteen hundred seventy-two, is hereby amended to read as follows: (c) The agency shall not issue bonds and notes other than state university construction bonds and state university construction notes, hospital and nursing home project bonds and hospital and nursing home project notes, health facilities bonds and health facilities notes, youth facilities project bonds and youth facilities project notes and community mental health services and mental retardation services project bonds and community mental health services and mental retardation services project notes, community senior citizens services project notes or community senior citizens services project bonds and mental hygiene improvement bonds and mental hygiene improvement notes for any of its corporate purposes in an aggregate principal amount exceeding two billion [five] one hundred million dollars, excluding bonds and notes issued to refund outstanding bonds and notes. § 16. Subdivision two of section ninety-four of such law, as last amended by chapter nine hundred ninety of the laws of nineteen hundred seventy-two, is hereby amended to read as follows: 2. Notwithstanding the foregoing provisions of this section, wherever it shall appear that a government, the New York state housing finance agency, the New York state urban development corporation, created by the New York state urban development corporation act, the New York city housing development corporation, Battery Park city authority, or a corporation subject to the supervision either of the state insurance department or the state banking department, shall have loaned on a mortgage which is a first lien upon any such property, such government, New York state housing finance agency, New York state urban development corporation, New York city housing development corporation, Battery Park city authority or a corporation subject to such supervision, or any trustee or trustees, or any successor trustee or trustees, for the benefit of any one or more of the aforesaid classes shall have all the remedies available to a mortgagee under the laws of the state of New York, free from any restrictions contained in this section except that the commissioner shall be made a party defendant and that the commissioner shall take all steps necessary to protect the interests of the public and no costs shall be awarded against him. § 17. If any section, clause or provision of this act shall be held unconstitutional, or be ineffective in whole or in part, to the extent that is is not unconstitutional or ineffective, it shall be valid and effective and no other section, clause or provision shall, on account thereof, be deemed invalid or ineffective. § 18. This act shall take effect immediately. CHAPTER 597 AN ACT to amend the banking law, in relation to time deposits in savings banks and in savings and loan associations Became a law June 11, 1973, with the approval of the Governor. Passed by a majority vote, three-fifths being present The People of the State of New York, represented in Senate and Assembly, do enact as follows: Section 1. Subdivision one-a of section two hundred thirty-four of the banking law, as last amended by chapter one hundred seventy-one of the laws of nineteen hundred seventy, is hereby amended to read as follows: 1-a. Subject to such regulations and restrictions as the banking board finds to be necessary and proper, to contract to receive time deposits, including deposits upon which the savings bank contracts to pay interest at a fixed rate, provided that the evidence of ownership of each such deposit shall be non-negotiable, provided further that no savings bank shall accept any time deposit whose term exceeds one year from the date such deposit is received and on which it has contracted to pay interest at a fixed rate if by the acceptance of such deposit the aggregate of its time deposits whose unexpired term exceeds one year and on which it has contracted to pay interest at a fixed rate, exclusive of accrued interest, will exceed fifteen per centum of its total deposit liabilities or such larger amount, not in excess of forty per centum] of its total deposit liabilities[] as the banking board shall prescribe by general regulation and provided further that the term of any time deposit on which the savings bank has contracted to pay interest at a fixed rate shall be not more than [five] seven years from the date such deposit is received or such contract is renewed or extended. § 2. Subdivision one of section three hundred seventy-eight-a of such law, as last amended by chapter one hundred seventy-one of the laws of nineteen hundred seventy, is hereby amended to read as follows: 1. Subject to such regulations and restrictions as the banking board finds to be necessary and proper, a savings and loan association may contract to receive time deposits including deposits upon which the savings and loan association contracts to pay interest at a fixed rate, provided that the evidence of ownership of each such deposit shall be non-negotiable, provided further that no savings and loan association shall accept any time deposits whose term exceeds one year from the date such deposit is received and on which it has contracted to pay interest at a fixed rate if by the acceptance of such deposit the aggregate of its time deposits whose unexpired term exceeds one year and on which it has contracted to pay interest at a fixed rate, exclusive of accrued interest, will exceed fifteen per centum of its capital or such larger amount, not in excess of forty per centum] of its capital[,] as the banking board shall prescribe by general regulation and provided further that the term of any time deposit on which the savings and loan association has contracted to pay interest at a fixed rate shall be not more than [five] seven years from the date such deposit is received or such contract is renewed or extended. [If any such time deposit is repaid prior to maturity at the request of a depositor, such repayment shall be subject to such penalties as the banking board may find to be necessary and proper.] § 3. This act shall take effect immediately. CHAPTER 598 AN ACT to amend the banking law, in relation to the qualifications of directors of banks, trust companies and industrial banks Became a law June 11, 1973, with the approval of the Governor. Passed by a majority vote, three-fifths being present The People of the State of New York, represented in Senate and Assembly, do enact as follows: Section 1. Subdivision three of section seven thousand one of the banking law, as added by chapter eight hundred forty-nine of the laws of nineteen hundred sixty-four, is hereby amended to read as follows: 3. (a) At the time of taking office every director of a bank or trust company or of an industrial bank shall be a stockholder of such corporation or of any company, as such term "company" is defined in section one hundred forty-one of this chapter, owning more than eighty per centum of the capital stock of such corporation, owning in his own right, free from pledge, lien or charge, shares of capital stock of such corporation or of such company, as such term "company" is so defined, at least ten in number [and having an aggregate par value of at least one thousand dollars or, if the shares of any such company shall be without par value, having an aggregate book value of at least one thousand dollars]; and every person taking office as a director who, after so taking office shall cease to be the owner in his own right free, unpledged and unencumbered of the amount of stock aforesaid, shall cease to be a director of such corporation and his office shall be vacant, and he shall not be eligible for re-election as a director for a period of one year from the date of the next succeeding annual meeting; provided that the banking board may by a three-fifths vote reinstate any such director of a bank or trust company if it shall, in its discretion, determine that it is in the best interests of the institution and the public to do so, and if such director promptly thereafter reacquires sufficient shares or removes the encumbrance therefrom, but directors of a bank or trust company, all the stock of which is owned by not less than twenty savings banks of this state, need not be or become holders of shares of such stock. (b) Every director of a safe deposit company shall be a stockholder of the corporation in his own right; and every person elected to be a director who, after such election, shall cease to be a stockholder in his own right, shall cease to be a director of the safe deposit company and his office shall be vacant. (c) Each director of an investment company shall be a stockholder of such company unless otherwise provided in the organization certificate, or in a by-law adopted by a stockholders' meeting. § 2. This act shall take effect immediately. CHAPTER 599 AN ACT to amend the local finance law, in relation to financing the extraordinary expenses incurred by municipalities for flood relief during the years nineteen hundred seventy-two and nineteen hundred seventy-three Became a law June 11, 1973, with the approval of the Governor. Passed by a majority vote, three-fifths being present The People of the State of New York, represented in Senate and Assembly, do enact as follows: Section 1. The local finance law is hereby amended by adding thereto a new section, to be section 26.10, to read as follows: § 26.10 Temporary alternative methods of financing flood-relief expenses. a. Definitions. 1. With respect to any municipality which has a calendar fiscal year which commenced on the first day of January, nineteen hundred seventy-two or the first day of January, nineteen hundred seventy-three, the terms "extraordinary expenses for flood relief" and "such extraordinary expenses", as used in this section, shall mean the expenses incurred for the public thoroughfares, public places and projects of such municipality during any or all of the months of such years, in excess of the normal expenses which would have been incurred for such purposes during such periods as determined by the finance board of such municipality. In making any such determination, the finance board shall not include as a part of such extraordinary expenses the salaries and wages of regular employees, except for overtime work and work on Sundays and holidays. 2. With respect to any municipality which has a fiscal year which commenced in the years nineteen hundred seventy-two or nineteen hundred seventy-three on or after the first day of March in such year, the terms "extraordinary expenses for flood relief projects" and "such extraordinary expenses", as used in this section, shall mean the expense incurred for flood relief projects involving the public thoroughfares, public places and projects of such municipality during such fiscal years, in excess of the amounts appropriated for such purposes in the annual budget for such fiscal years, or, if no such appropriations were made, then in excess of the average of all expenditures for such purposes during each of the five preceding fiscal years prior to the fiscal year commencing in the year nineteen hundred seventy-two, as determined by the finance board of such municipality. b. The financing of flood relief expenses by the issuance of serial bonds. 1. The finance board of a municipality which has a fiscal year which commenced on the first day of January, nineteen hundred seventy-two or January first, nineteen hundred seventy-three, may authorize the issuance of serial bonds in such later year to provide for the payment of all or part of the extraordinary expenses of flood relief incurred during any or all of the months of such years, to reimburse any fund or account of the municipality from which moneys to pay such extraordinary |