Section 121. Reports to directors

The board of directors shall, at least
  once in each year by resolution duly recorded in the minutes,  designate
  an  officer  or  officers  whose duty it shall be to prepare and submit,
  either to each director present at each regular meeting of the board, or
  to each member of an executive committee of not less than  five  members
  of such board, present at a regular meeting of such committee, a written
  report as described in this section. Except as otherwise provided by the
  superintendent  by  regulation,  which  regulation  may define the terms
  contained herein and  establish  such  requirements  according  to  size
  and/or business activities of a bank or trust company, such report shall
  include  all  the purchases and sales of securities, and every discount,
  loan or other advance, including  all  renewals  made  and  the  maximum
  overdraft  permitted  in  each  account,  since  the  date  of  the last
  preceding similar report, describing the collateral to such indebtedness
  as of the date of the report; but such officer or officers may omit from
  such report discounts,  loans  or  advances,  including  overdrafts  and
  renewals,  of  an  amount  less  than  one-half of one per centum of the
  combined capital stock, surplus fund and undivided profits of such  bank
  or  trust  company,  or  less  than  one  thousand dollars, whatever the
  combined capital stock, surplus  fund  and  undivided  profits  may  be.
  Unless  the  superintendent shall provide otherwise by regulation, which
  regulation may define the terms  contained  herein  and  establish  such
  requirements  according  to size and/or business activities of a bank or
  trust company,  such  report  shall  also  contain  a  list  giving  the
  aggregate  of  loans,  discounts  and advances, including overdrafts and
  renewals, to each individual, partnership,  unincorporated  association,
  corporation  or  person whose liability to the bank or trust company has
  been increased, since the date of the last preceding similar  report  to
  an  amount  equal  to  or  more  than  the  amount  above required to be
  reported, and such  report  shall  also  include  any  further  increase
  thereafter provided that the amount of any such increase, either itself,
  or  together  with  other  increases since such loan, discount, advance,
  overdraft or renewal was last reported is equal to more  than  one-tenth
  of  one  per  centum  of  the  combined  capital stock, surplus fund and
  undivided profits of such bank or trust company. Each such report  shall
  also  contain  a description of the collateral to such indebtedness held
  by the bank or trust company as of the date of  the  report  unless  the
  superintendent  shall  provide  otherwise  by regulation. Such aggregate
  liabilities  shall  be  computed  as  provided  in  paragraph   (e)   of
  subdivision  one of section one hundred three of this article. A copy of
  such report, together with a list  of  the  directors  present  at  such
  meeting,  verified  by  the affidavit of the officer or officers charged
  with the duty of preparing and submitting such  report  shall  be  filed
  with  the records of the bank or trust company within five business days
  after such meeting, and be presumptive evidence of the  matters  therein
  stated.