N.Y. Banking Law § 136-b: Approval of superintendent

§ 136-b. Approval of superintendent. The superintendent shall approve

or disapprove of a proposed merger as authorized by section one hundred

thirty-six of this article or a proposed acquisition of all or a

substantial part of the assets of a national banking association as

authorized by section one hundred thirty-six-a of this article, as the

case may be, within one hundred twenty days after the submission of the

proposed plan thereof to him or her. In determining whether to so

approve, the superintendent shall take into consideration (i) the

declaration of policy contained in section ten of this chapter, (ii)

whether the effect of such merger or acquisition shall be either to

expand the size or extent of the resulting or acquiring institution

beyond limits consistent with adequate and sound banking and the

preservation thereof or result in a concentration of assets beyond

limits consistent with effective competition, (iii) whether such merger

or acquisition may result in such a lessening of competition as to be

injurious to the interests of the public or tend toward monopoly and

(iv) primarily, the public interest and the needs and convenience

thereof. If the superintendent shall approve such proposed merger or

acquisition, he or she shall file the plan, together with such

certificates and the original of the approval of the superintendent, in

the office of the superintendent, and, in the case of merger, a

duplicate of the plan, together with a duplicate of each of such

certificates and a duplicate of the superintendent's approval, shall be

filed in the office of the clerk of the county in which the principal

office of the receiving corporation is located. Upon such filing in the

office of the superintendent, the merger or acquisition shall become

effective, unless a later date is specified in the plan, in which event

the merger or acquisition shall become effective upon such later date.