§ 140-a. Stock option plans. Subject to such regulations and
restrictions as may be prescribed by the superintendent, every bank and
every trust company may grant options to purchase authorized and
unissued shares of its capital stock to officers, directors and
employees, for a consideration as authorized by section five thousand
four of this chapter of not less than one hundred per cent of the fair
market value of the shares on the date the option is granted, pursuant
to the terms of a stock option plan which has previously been adopted by
the board of directors of the bank or trust company and approved by the
holders of a majority of the outstanding shares of capital stock of the
bank or trust company and by the superintendent. Stock options issued
hereunder shall not extend beyond a period of ten years from date of
issuance.