N.Y. Banking Law § 601-b: Approval or disapproval of merger or purchase of assets

§ 601-b. Approval or disapproval of merger or purchase of assets. 1.

The superintendent shall approve or disapprove of a proposed merger as

authorized by section six hundred of this chapter or a proposed

acquisition of all or a substantial part of the assets of any banking

organization as authorized by section six hundred one-a of this chapter,

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

of the proposed plan thereof to him. 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 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.