N.Y. Banking Law § 209: Restrictions on executive officers of foreign banking corporations and national banks

§ 209. Restrictions on executive officers of foreign banking

corporations and national banks. 1. No executive officer of a foreign

banking corporation maintaining a branch in this state may be an

executive officer, director or trustee of a bank or trust company,

savings bank, savings and loan association, national bank, federal

savings bank or federal savings association, the principal office of

which institution is located in this state, bank holding company or

another foreign banking corporation maintaining a branch in this state,

unless permission therefor has been granted by the superintendent

pursuant to the provisions of subdivision three of this section, except

that an executive officer of a foreign banking corporation maintaining a

branch in this state which is a subsidiary of a bank holding company may

be (i) an executive officer and (ii) a director of the bank holding

company of which such foreign banking corporation is a subsidiary, and

of one or more of the banking institutions which are subsidiaries of

such bank holding company.

2. No executive officer of a national bank, federal savings bank or

federal savings association, the principal office of which institution

is located in this state, may be an executive officer, director or

trustee of a bank or trust company, savings bank, savings and loan

association, bank holding company or foreign banking corporation

maintaining a branch in this state, unless permission therefor has been

granted by the superintendent pursuant to the provisions of subdivision

three of this section, except that (1) an executive officer of a

national bank located in this state, which is a subsidiary of a bank

holding company may be (i) an executive officer and (ii) a director of

the bank holding company and of one or more banking institutions which

are subsidiaries of such bank holding company.

3. The superintendent shall have the power to determine by regulation

who shall be considered, under the provisions of this subdivision, to be

an executive officer, and by regulation, to grant permission to an

executive officer of a foreign banking corporation maintaining a branch

in this state and to an executive officer of a national bank located in

this state, to be at the same time an executive officer, trustee or

director or both an executive officer and a trustee or director of a

bank or trust company, savings bank, savings and loan association,

national bank, federal savings bank or federal savings association, the

principal office of which is located in this state, bank holding

company, and foreign banking corporation maintaining a branch in this

state. Such permission may be granted only if in the judgment of the

superintendent such service by the executive officer will be consistent

with the policy of the state of New York as declared in section ten of

this chapter. The superintendent shall have the power to revoke such

permission whenever the superintendent finds, after reasonable notice

and an opportunity to be heard, that the public interest requires such

revocation.

4. For the purposes of this subdivision, the terms "subsidiary",

"banking institution" and "bank holding company" shall each be given the

same meaning as is contained in their respective definition in section

one hundred forty-one of this chapter, except that the definition of the

term "banking institution" is modified to include a national bank,

federal savings bank or federal savings association, the principal

office of which institution is located in this state, and a foreign

banking corporation maintaining a branch in this state.

5. All other restrictions and limitations imposed by this chapter on

executive officers and directors of foreign banking corporations

maintaining a branch in this state and on national banks, federal

savings banks and federal savings associations, the principal office of

which institution is located in this state, shall continue in effect.