The Fund for Savings Banks was created pursuant to article VI-B of the Banking Law and in accordance with a written agreement entitled “Agreement for the Establishment of the Fund for Savings Bank,” pursuant to article VI-B of the Banking Law, dated January 20, 1965. The agreement was approved by the superintendent on February 11, 1965. The fund then entered into a written agreement dated March 31, 1965 with a savings bank pursuant to which the members of the fund, by and through the fund, contributed capital to the initial surplus fund of a savings bank. The aforesaid contribution was evidenced by a written instrument held by the fund known as a “Transferable Certificate.” On November 18, 1986 the said transferable certificate was redeemed and cancelled by the payment from the savings bank representing full payment of principal and interest to the date of payment.