N.Y. Banking Law § 399-a: Restrictions on holding of certain offices by executive officers of federal savings banks and federal savings associations

§ 399-a. Restrictions on holding of certain offices by executive

officers of federal savings banks and federal savings associations. 1.

No executive officer of a 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 savings and

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

company or foreign banking corporation maintaining a branch in this

state, unless permission therefor has been granted by the superintendent

pursuant to subdivision two of this section, provided, however, that an

executive officer of a federal savings and loan association located in

this state, who on the effective date of this section is an executive

officer, director or trustee of a savings and loan association, bank or

trust company, savings bank, bank holding company or foreign banking

corporation maintaining a branch in this state, may continue to hold

such other office without permission from the superintendent, until the

expiration of the term of such office or the close of business on the

last day of December, nineteen hundred seventy-four, whichever occurs

sooner.

2. 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 federal savings bank or federal savings

association located in this state, to be at the same time an executive

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

director or trustee of a savings and loan association, bank or trust

company, savings bank, 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.

3. For the purposes of this subdivision, the term "bank holding

company" shall be given the same meaning as is contained in section one

hundred forty-one of this chapter, and 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.

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

executive officers and directors of federal savings and loan

associations located in this state, shall continue in effect.