N.Y. Banking Law § 140-a

§ 140-a. Stock option plans. Subject to such regulations and\nrestrictions as may be prescribed by the superintendent, every bank and\nevery trust company may grant options to purchase authorized and\nunissued shares of its capital stock to officers, directors and\nemployees, for a consideration as authorized by section five thousand\nfour of this chapter of not less than one hundred per cent of the fair\nmarket value of the shares on the date the option is granted, pursuant\nto the terms of a stock option plan which has previously been adopted by\nthe board of directors of the bank or trust company and approved by the\nholders of a majority of the outstanding shares of capital stock of the\nbank or trust company and by the superintendent. Stock options issued\nhereunder shall not extend beyond a period of ten years from date of\nissuance.\n