§ 258. Prohibition of unauthorized savings banks and use of the word\n"savings"; exception as to school savings. 1. No individual,\npartnership, unincorporated association or corporation other than a\nsavings bank, state or federal chartered savings and loan association,\nbank, trust company, industrial bank, private banker, national bank,\nforeign banking corporation licensed pursuant to this chapter to\ntransact in this state the business of receiving deposits or state and\nfederal chartered credit unions shall make use of the word "saving" or\n"savings" or their equivalent in its banking or financial business, or\nuse any advertisement containing the word "saving" or "savings", or\ntheir equivalent in relation to its banking or financial business, nor\nshall any individual or corporation other than a savings bank in any way\nsolicit or receive deposits as a savings bank; but nothing herein shall\nbe construed to prohibit the use of the word "savings" in the name of\nthe Savings and Loan Bank of the State of New York or in the name of a\ntrust company all of the stock of which is owned by not less than twenty\nsavings banks. Any bank, trust company, industrial bank, private banker,\nnational bank, foreign banking corporation, state or federal chartered\ncredit unions, individual, partnership, unincorporated association or\ncorporation violating this provision shall forfeit to the people of the\nstate for every offense the sum of one hundred dollars for every day\nsuch offense shall be continued.\n 2. Any school in the state of New York may collect from time to time\namounts of money from the pupils of such school and any philanthropic\nagency incorporated for philanthropic purposes, if such agency be so\nauthorized by certificate of the superintendent of financial services,\nmay collect from time to time amounts of money from the children or\npersons under the direction or guidance of, or the promotion of whose\nwelfare is an object of, such philanthropic agency. As to each such\nschool, such money shall be collected by or under the supervision of,\nthe principal or superintendent of such school or by, or under the\nsupervision of, any person designated for that purpose by the board of\neducation or other authority having jurisdiction over such school. As to\neach such philanthropic agency, such money shall be collected by, or\nunder the supervision of, the superintendent or other designated head of\nsuch agency. All money so collected shall, not later than the day\nfollowing the day of collection, be deposited in some savings bank in\nthe state, be used for the purchase of shares in any savings and loan\nassociation organized under this law, or under the laws of the United\nStates, whose principal office is located in the state of New York, or\nbe deposited in any trust company or state or national bank located in\nthe state and having an interest department. All money so collected from\nany person shall be deposited, or used to purchase shares, in his name;\nprovided, however, that if the principal, superintendent, designated\nperson or agency head by whom, or under whose supervision, such money\nwas collected shall deem the amount of money so collected at any one\ntime to be insufficient for the opening of individual accounts, such\nmoney shall be deposited, or used to purchase shares, in the name of\nsuch principal, superintendent, designated person or agency head, in\ntrust, to be by him eventually transferred to the credit of the\nrespective persons to whom the same belongs, and pending such transfer,\nsaid principal, superintendent, designated person or agency head shall\nfurnish to the depositary institution or savings and loan association\nreceiving such money the name, signature, address, age and place of\nbirth of each person from whom such money was collected, and such other\ndata concerning such person as the institution may require. Any\ndepositary institution or savings and loan association authorized to\nrec
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