NY Banking L § 143 (2021)
2021 New York Laws BNK - Banking Article 3-A - Bank Holding Companies; Control of Banking Institutions 143 - Limitations on Directors, Officers and Employees.

§ 143. Limitations on directors, officers and employees.   1.  Every  director  of  a  bank  holding  company who is contingently obligated on any loan or other extension of credit  made  by  a  banking subsidiary  of  the  bank holding company of which he is a member of the board of directors to any other individual, partnership,  unincorporated association  or  corporation,  shall  file  a statement of his financial condition with such bank holding company at least once in each year  and at  such other times as the superintendent may require. This subdivision two shall not apply with respect  to  directors  whose  obligations  are secured  by  collateral  having  an ascertained market value of at least fifteen per centum more than the amount of such obligations.   2. (a) No executive officer of  a  bank  holding  company  may  be  an executive  officer  or  director of another bank holding company or of a bank or trust company, savings bank, or savings and loan association, or of a national bank, federal savings bank or federal savings association, the principal office of which is located in this state, or of a  foreign banking   corporation   maintaining  a  branch  in  this  state,  unless permission therefor has been granted by the superintendent of  financial services   pursuant   to   the  provisions  of  paragraph  (b)  of  this subdivision, except that an executive officer of a bank holding  company may  be  (i)  an  executive  officer  and (ii) a director of one or more banking institutions or bank holding companies which are subsidiaries of such bank holding company.  (b) 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 bank holding company to be at the same time an executive officer, director or trustee or both an executive officer  and a  director or a trustee of another bank holding company or of a bank or trust company, savings bank, savings and loan association, national bank located in this state, federal savings and loan association  located  in this  state  or 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 a reasonable  notice and  an  opportunity to be heard, that the public interest requires such revocation.  (c) 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 article, except that the definition of the term "banking institution" is modified to include 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.  (d) All other restrictions and limitations imposed by this chapter  on executive  officers  and  directors  of  bank  holding  companies  shall continue in effect.