In New York a savings bank may be formed by filing with the Superintendent of Banks a notice of intention to organize, signed by not less than nine nor more than thirty persons. The procedure as to publication of such notice is the same for a savings bank as for a state bank or trust company. The same also applies to the filing of an organization certificate, which specifically states: (1) the name by which the bank is to be known; (2) its proposed place of business; (3) the name, occupation, and post-office address of each incorporator; (4) the sum which each incorporator will contribute in cash to the guaranty fund; (5) a declaration that each incorporator will accept the liabilities and faithfully discharge the duties of a trustee.

When the Superintendent of Banks approves the organization certificate the corporate existence of the bank begins, and it may proceed with the necessary details to complete its organization; but it cannot transact business until the incorporators deposit, in cash, to the credit of the savings bank an initial guaranty fund amounting to not less than $5,000. The incorporators are required to enter into an agreement with the Superintendent of Banks as trustee for the depositors of the bank to make further contributions in cash if necessary to conduct the business. The agreement is secured by a surety bond and filed with the Superintendent. In addition to the guaranty fund the incorporators are required to deposit in the savings bank as an expense fund $5,000 in cash to pay the bank's operating expenses until such time as its earnings are sufficient to pay its way. The guaranty fund and the expense fund are repaid, pro rata, to the contributors or trustees whenever the guaranty fund is in excess of 5 per cent of the amount due depositors.

Upon receipt of the organization certificate, the incorporators or board of trustees should organize; adopt by-laws, rules, and regulations; and file with the Superintendent of Banks the name, residence, and post-office address of each officer of the bank. The Superintendent then issues an authorization certificate permitting the bank to commence business.

The trustees are required to elect from their own number a president, two vice-presidents, and such other officers as are necessary to conduct business. Each officer upon notice of election is put under oath to administer the affairs of the bank honestly and diligently, and these oaths are subscribed to by the trustees and forwarded to the Superintendent of Banks. The persons named in the authorization certificate are the first trustees. They must be citizens of the United States; at least four-fifths of them must reside in the state, and not less than two-thirds of them in the county where the bank is located. No person is permitted to be a trustee of a savings bank if he falls under any of the following heads:

1. A person who is not a resident of the state (although in the case of New York City one-fifth of the trustees may reside in a state adjoining that city).

2. A person who has been adjudged a bankrupt, has taken advantage of the insolvency law, or has made a general assignment for the benefit of creditors.

3. A person who has not satisfied a judgment recovered against him for money outstanding for more than three months.

4. A person who is a trustee, officer, clerk, or employee in another savings bank.