N.Y. Banking Law § 396: Change of location; change of designation of principal office; maintenance of branch office

§ 396. Change of location; change of designation of principal office;

maintenance of branch office. 1. Any savings and loan association may

make a written application to the superintendent, such application to be

accompanied by an investigation fee as prescribed pursuant to section

eighteen-a of this chapter, for leave to change its place or one of its

places of business to another place in the state or for leave to change

the designation of its principal office to a branch office and to change

the designation of one of its branch offices to its principal office.

The application shall state the reasons for such proposed change. Such

change may be made upon the written approval of the superintendent. If

the superintendent shall grant his or her certificate authorizing the

change of location, the association may, upon or after the day specified

in the certificate, remove its property and effects to the location

designated therein.

2. (a) A savings and loan association may open and occupy one or more

branch offices at any location in the state. In addition, a savings and

loan association may open and occupy a branch office or branch offices

in one or more places located without the state of New York.

(b) Except for the city or village in which its principal office is

located, no branch office may hereafter be opened and occupied pursuant

to paragraph (a) of this subdivision in any city or village with a

population of less than thirty thousand and in which is already located

the principal office of a bank, trust company or national banking

association, other than a bank holding company, if such bank holding

company is a banking institution, or a banking subsidiary of a bank

holding company, as such terms "bank holding company", "banking

institution" and "banking subsidiary" are defined in section one hundred

forty-one of this chapter except that the definition of "bank holding

company" is modified to change the phrase "a banking institution"

wherever it appears therein to "two or more banking institutions" and

the definition of "banking institution" is modified to add a national

banking association, the principal office of which institution is

located in this state.

(c) Before any branch office shall be opened and occupied pursuant to

this subdivision two, the superintendent shall have given his written

approval.

(d) The term "village" as used in this section shall mean either an

incorporated or an unincorporated village.

3. (a) A savings and loan association may, if the merger or asset

acquisition agreement so provides, and if such merger or asset

acquisition is permitted by law, maintain as a branch office or branch

offices the place or places of business of any savings and loan

association, savings bank, federal savings bank, federal savings and

loan association, bank, trust company, national bank, or out-of-state

bank (as such term is defined in section two hundred twenty-two of this

chapter) which it has received into itself pursuant to the provisions of

this chapter which were in existence at the time the merger or asset

acquisition becomes effective, including any branch office of the

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

with which it has merged or from which it has acquired assets, which has

been approved pursuant to paragraph (c) of subdivision two of this

section or subdivision three of section two hundred forty or subdivision

two of section one hundred five of this chapter, even if such branch

office is not in operation at the time the merger or asset acquisition

becomes effective and may maintain, as its principal office rather than

as a branch office, the principal office of such institution with which

it has merged or from which it has acquired assets (so long as the

principal office is located in this state), in which event the former

principal office of the receiving savings and loan association may be

maintained as a branch office.

(b) Notwithstanding anything to the contrary in paragraph (a) of this

subdivision, any public accommodation office of a savings and loan

association, savings bank, or bank or trust company, which has been

merged or had assets acquired in an asset acquisition transaction,

including any such office which has been approved pursuant to section

one hundred ninety-one of this chapter but which is not in operation at

the time said merger or asset acquisition becomes effective, may be

maintained by the receiving savings and loan association as a public

accommodation office only.

3-a. Notwithstanding anything to the contrary in subdivisions two and

three of this section, a savings and loan association may, if so

provided in an agreement made pursuant to section six hundred one-c of

this chapter, maintain as a branch office or offices the place or places

of business of any savings bank or savings and loan association which it

has acquired pursuant to such agreement.