2023 New York Laws › BNK - Banking › Article 10 - Savings and Loan Associations › 399-A - Restrictions on Holding of Certain Offices by Executive Officers of Federal Savings Banks and Federal Savings Associations.

§ 399-a.  Restrictions  on  holding  of  certain  offices by executive
  officers of federal savings banks and federal savings  associations.  1.
  No  executive  officer  of  a  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 savings  and
  loan  association,  bank  or  trust  company, savings bank, bank holding
  company or foreign banking corporation  maintaining  a  branch  in  this
  state, unless permission therefor has been granted by the superintendent
  pursuant  to subdivision two of this section, provided, however, that an
  executive officer of a federal savings and loan association  located  in
  this  state,  who  on the effective date of this section is an executive
  officer, director or trustee of a savings and loan association, bank  or
  trust  company,  savings  bank,  bank holding company or foreign banking
  corporation maintaining a branch in this state,  may  continue  to  hold
  such  other office without permission from the superintendent, until the
  expiration of the term of such office or the close of  business  on  the
  last  day  of  December, nineteen hundred seventy-four, whichever occurs
  sooner.
2. 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  federal  savings  bank  or  federal   savings
  association  located  in this state, to be at the same time an executive
  officer, director or  trustee,  or  both  an  executive  officer  and  a
  director  or  trustee  of  a savings and loan association, bank or trust
  company,  savings  bank,  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.
3. For the purposes  of  this  subdivision,  the  term  "bank  holding
  company"  shall be given the same meaning as is contained in section one
  hundred forty-one of this  chapter,  and  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.
4. All other restrictions and limitations imposed by this  chapter  on
  executive   officers   and   directors   of  federal  savings  and  loan
  associations located in this state, shall continue in effect.