§ 7014. Removal of officers. 1. Any officer elected or appointed by the board may be removed by the board, or his authority suspended by it, with or without cause. Such removal or suspension without cause, however, shall be without prejudice to his contract rights. The election or appointment of an officer shall not be deemed of itself to create contract rights.

Terms Used In N.Y. Banking Law 7014

  • board: means "board of directors". See N.Y. Banking Law 1001
  • Contract: A legal written agreement that becomes binding when signed.

2. This section does not affect the powers of the superintendent under section forty-one of this chapter.

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