2023 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.