§ 236. Deposits by savings banks with other banking corporations and
private bankers; restrictions. 1. Except for investments made pursuant
to subdivision twelve-a of section two hundred thirty-five of this
chapter, no savings bank shall deposit any of its funds with any other
banking corporation or private banker unless such corporation or private
banker has been designated as a depositary by vote of a majority of all
the trustees of the savings bank, exclusive of any trustee who is an
officer, partner, director or trustee of the depositary so designated.

2. The amount deposited by any savings bank in any depositary,
including investments made pursuant to subdivisions twelve-a and
twelve-b of section two hundred thirty-five of this chapter, shall not
exceed twenty-five per centum of the net worth as shown by the last
published statement of such depositary, if a corporation, or twenty-five
per centum of the permanent capital and surplus as shown by the last
published statement of such depositary, if a private banker, or five per
centum of the aggregate amount credited to the depositors of such
savings bank, whichever is smaller.