2023 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.