FHLB NY amends bylaws to bar retroactive rescission of Executive Committee acts

Federal Home Loan Bank of New York

Board approved amended bylaws on August 17, 2023.
Amendment limits Board to prospective rescission/revision of Executive Committee actions.
Prior bylaws allowed both prospective and retroactive rescission/revision.
No change to fiscal year or other charter provisions.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Federal Home Loan Bank of New York: Amendment to Article IV, Section 1 of the Bylaws to permit Board to prospectively rescind or revise Executive Committee actions, but no longer retroactively (effective 2023-08-17).

Change: bylaw amendment
Effective: 2023-08-17

Exact text from the filing

On August 17, 2023, the Board of Directors (“Board”) of the Federal Home Loan Bank of New York (“FHLBNY”) approved the amended and restated bylaws of the FHLBNY (as amended and restated, the “Bylaws”). In sum, an amendment was made to Article IV, Section 1 of the Bylaws to provide that the Board may prospectively rescind or revise any prior action of the Executive Committee (as long as the rights of third parties are not affected); however, the Board may not retroactively adopt such recission or revision.

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Source: SEC EDGAR

accession 0001654954-23-011029

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