NY Banking L § 209 (2021)
2021 New York Laws BNK - Banking Article 5 - Foreign Banking Corporations and National Banks 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.