NY Banking L § 583-A (2021)
2021 New York Laws BNK - Banking Article 12-C - Budget Planners 583-A - Changes in Control.

§ 583-a.  Changes  in control. 1. It shall be unlawful except with the   prior approval of the superintendent for any action to  be  taken  which   results  in  a change of control of the business of a licensee. Prior to   any change of control, the person desirous of acquiring control  of  the   business   of   a   licensee  shall  make  written  application  to  the   superintendent and pay an investigation fee as  prescribed  pursuant  to   section   eighteen-a   of   this  chapter  to  the  superintendent.  The   application shall contain such information  as  the  superintendent,  by   rule  or  regulation,  may prescribe as necessary or appropriate for the   purpose of making the determination required by subdivision two of  this   section.2.  The superintendent shall approve or disapprove the proposed change   of control of a licensee in accordance with the  provisions  of  section   five  hundred  eighty-one  of  this  article.  The  superintendent shall   approve or disapprove the application  in  writing  within  ninety  days   after the date the application is filed with the superintendent.3.  For  a period of six months from the date of qualification thereof   and for such  additional  period  of  time  as  the  superintendent  may   prescribe,  in  writing,  the  provisions of subdivisions one and two of   this section shall not apply to a transfer of control  by  operation  of   law  to the legal representative, as hereinafter defined, of one who has   control of a  licensee.  Thereafter,  such  legal  representative  shall   comply  with the provisions of subdivisions one and two of this section.   The provisions of subdivisions one and two  of  this  section  shall  be   applicable  to  an  application  made  under  such  section  by  a legal   representative.The term "legal representative", for the  purposes  of  this  section,   shall  mean  one  duly appointed by a court of competent jurisdiction to   act as  executor,  administrator,  trustee,  committee,  conservator  or   receiver,  including  one  who  succeeds  a legal representative and one   acting  in  an  ancillary  capacity  thereto  in  accordance  with   the   provisions of such court appointment.4.  As  used  in  this  section:  (a)  the  term  "person" includes an   individual,  partnership,  corporation,   association   or   any   other   organization,  and (b) the term "control" means the possession, directly   or indirectly, of the power to direct or  cause  the  direction  of  the   management  and policies of a licensee, whether through the ownership of   voting stock of such licensee, the ownership  of  voting  stock  of  any   person  which  possesses  such  power  or  otherwise.  Control  shall be   presumed to exist if any person, directly or indirectly, owns,  controls   or  holds  with power to vote ten per centum or more of the voting stock   of any licensee or of any person which  owns,  controls  or  holds  with   power  to  vote  ten  per  centum  or  more  of  the voting stock of any   licensee, but no person shall be deemed to control a licensee solely  by   reason  of  being an officer or director of such licensee or person. The   superintendent may in his discretion, upon the application of a licensee   or any person who, directly or indirectly, owns, controls or holds  with   power  to  vote  or seeks to own, control or hold with power to vote any   voting stock of such licensee, determine whether or not  the  ownership,   control  or holding of such voting stock constitutes or would constitute   control of such licensee for purposes of this section.