In 1914 the state of New York revised its banking laws in conformity with the recommendations of the Van Tuyl-Hepburn Banking Commission. As these are therefore comparatively modern, and as the New York laws govern so many large banks in that state, and as furthermore they are used as a model in the preparation of similar laws in a majority of the states of the Union, it is deemed well to detail the organization of a New York state bank.

The first step for the organizers is to sign and file with the Superintendent of Banks, at Albany, a notice of intention to incorporate as a bank. The notice should be in duplicate, duly acknowledged, and signed by five natural persons, and should give the name, location, and the amount of capital stock of the proposed bank. Upon receipt of the notice the Superintendent of Banks designates in the town or vicinity a newspaper in which the notice must be published for four successive weeks. In addition a copy of the notice is mailed to each state bank and trust company doing business in the town where the bank is to be located.

Within ten days after the final publication of the notice the organization certificate should be forwarded to the Superintendent, together with the by-laws, affidavits, and other evidence showing that the requirements as to publication and notice to other banks and trust companies have been complied with. The organization certificate must contain the names of the five persons who signed the certificate of intention, together with a statement of the name of the bank, its location, the amount of capital stock and number of shares, the name and place of residence of each incorporator with the number of shares subscribed by each, the term of the bank's existence, and the number of directors. The organization certificate is signed by the five persons who signed the certificate of intention to organize. The certificate may also prescribe the manner in which stock may be transferred and the number of directors necessary to constitute a quorum.

When the organization certificate is approved as to detail by the Superintendent of Banks, he proceeds during the next sixty days to learn the character, responsibility, and general fitness of the persons named in the certificate, in order to decide whether they warrant the opinion that the bank will be honestly and efficiently conducted in accordance with the laws of the state.

If he approves the certificate, he notifies the organizers to that effect. One of the duplicate certificates is kept in the office of the Superintendent and the other filed with the clerk of the county in which the bank is located.