reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 92 - Variable Rate Closed-end Retail Instalment Contracts And Obligations Entered Into By Retail Sellers › Section 92.4 - Index

Current through Register Vol. 46, No. 28, July 10, 2024
(a) General
				provisions. Retail sellers or holders may use any single index from among the
				indices approved by the Superintendent of Banks pursuant to Part 334 of this
				Title. The rate on the contract or obligation may be based directly on the
				index values or upon the index values plus or minus additional percentage
				points; provided, however, that variations in the rates shall correspond
				directly to the movements of the index. While only a single index shall be used
				for the term of a contract or obligation, the retail seller or the holder may
				provide for the use of a substitute index similar to the initial index in the
				event that the initial index should become unavailable during the term of the
				contract or obligation. This Part imposes no requirement on retail sellers or
				holders to place limitations on the adjustment in the rate, as such adjustment
				would otherwise be allowed by movements in the index. Rate adjustments may be
				rounded, as determined by the retail seller or the holder, to the nearest
				percentage point or fraction thereof, provided that rounding applies equally to
				decreases and increases in rates. Subject to the rounding provisions, increases
				in the index need not be used at each rate calculation date but may be
				accumulated once to the next rate calculation date, but decreases in the index
				must be reflected at each rate calculation date.
(b) Information and disclosures with respect
				to the history of the index. The disclosure shall identify the index and shall
				contain a statement that past changes in the index are not necessarily
				predictive of future changes in the index. The retail seller shall provide the
				high and low figures for the index and the dates at which these levels were
				reached, for each of the three calendar years preceding the calendar year in
				which the contract or obligation is entered into. In addition, if the contract
				or obligation is entered into after August 31st of any calendar year, the
				disclosure shall include the high and low figures for the index's performance
				through June 30th of that year, and such disclosure may be used as the
				disclosure of the high and low in index performance for the calendar year next
				preceding that calendar year in which the contract or obligation is entered
				into, for any contract or obligation entered into prior to March 1st of that
				year.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 92 - Variable Rate Closed-end Retail Instalment Contracts And Obligations Entered Into By Retail Sellers › Section 92.5 - Generally accepted actuarial methods

Current through Register Vol. 46, No. 28, July 10, 2024
The term generally accepted actuarial method, as such term is
				  used in sections 4 and 9 of chapter 641 of the Laws of 1984 shall not include
				  any method which results or may result in the addition of unpaid credit service
				  charge amounts to the outstanding principal indebtedness under the contract or
				  obligation.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 92 - Variable Rate Closed-end Retail Instalment Contracts And Obligations Entered Into By Retail Sellers › Section 92.6 - Notifications

Current through Register Vol. 46, No. 28, July 10, 2024
The notification referred to in section
				  92.3(f) 
				  of this Part shall be delivered or mailed by the retail seller or the holder to
				  the buyer who is primarily liable on the contract or obligation no less than 25
				  days nor more than 60 days prior to the effective date of the rate increase or
				  change in payment terms. The notice shall indicate the new rate and, if
				  applicable, the new payment amount.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 92 - Variable Rate Closed-end Retail Instalment Contracts And Obligations Entered Into By Retail Sellers › Section 92.7 - Grouping of contracts or obligations

Current through Register Vol. 46, No. 28, July 10, 2024
If a retail seller or a holder adjusts the rate charged on
				  contracts or obligations on common adjustment dates (such as the first day of
				  January, April, July or October, or less frequently) rather than adjusting the
				  rate of the credit service charge on an individual quarterly (or less frequent)
				  interval measured from the date of the contract or obligation, the retail
				  seller or the holder may on any common adjustment date increase the rate for a
				  contract or obligation entered into within 25 days before that common
				  adjustment date only if prior to the consummation of the contract or obligation
				  the retail seller provides notice of the increase and of the new rate to the
				  buyer.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 93 - Borrowings By Savings Banks › Section 93.1 - Borrowings for purposes other than repaying depositors

Current through Register Vol. 46, No. 28, July 10, 2024
A savings bank may borrow money for purposes other than
				  repaying depositors, and pledge or hypothecate its assets as collateral for any
				  such loans, in an amount not exceeding 50 percent of its
				  assets.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 94 - Borrowings By Savings And Loan Associations › Section 94.1 - Borrowings for the purpose of repaying shareholders and depositors

Current through Register Vol. 46, No. 28, July 10, 2024
A savings and loan association may borrow money for the
				  purpose of repaying shareholders and depositors, and pledge its assets as
				  security for the repayment thereof, in any amount.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 94 - Borrowings By Savings And Loan Associations › Section 94.2 - Borrowings for purposes other than repaying shareholders and depositors

Current through Register Vol. 46, No. 28, July 10, 2024
A savings and loan association may borrow money for purposes
				  other than repaying shareholders and depositors, and pledge its assets as
				  security for the repayment thereof, in amounts not exceeding 50 percent of its
				  assets.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 95 - Borrowings By Credit Unions › Section 95.1 - Borrowings for the purpose of repaying shareholders

Current through Register Vol. 46, No. 28, July 10, 2024
A credit union may borrow money for the purpose of repaying
				  shareholders, and pledge its assets to secure any such borrowing, in any
				  amount.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 96 - Lending Limits For Credit Unions › Section 96.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of this Part:
(a) The term net worth shall have the same
				meaning as set forth in section 702.2 of part 702 of the Regulations of the
				National Credit Union Administration.
(b) The term loan shall mean any loan made to
				or guaranteed or endorsed by a member of a credit union.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 96 - Lending Limits For Credit Unions › Section 96.2 - Scope

Current through Register Vol. 46, No. 28, July 10, 2024
This Part applies to loans made by a credit union to its
				  members. All such loans shall be made in compliance with this
				  Part.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 96 - Lending Limits For Credit Unions › Section 96.3 - Fully secured loans

Current through Register Vol. 46, No. 28, July 10, 2024
A credit union may make loans to a member which are secured
				  by the borrower's unhypothecated shares or by shares pledged by another member
				  or members subject to the limitations contained in sections 454 (6) and
				  456 (2)  of the Banking
				  Law.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 96 - Lending Limits For Credit Unions › Section 96.4 - Unsecured loans

Current through Register Vol. 46, No. 28, July 10, 2024
A credit union may make loans to a member which are not
				  secured by a member's unhypothecated shares or by shares pledged by other
				  members in an amount not exceeding 15 percent of the net worth of the credit
				  union, provided that any credit union may make unsecured loans to a member in
				  an amount of at least $5,000.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 96 - Lending Limits For Credit Unions › Section 96.5 - Loans secured by collateral other than shares of the credit union

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A credit union
				may make loans to a member which are secured by collateral other than that
				specified in section
				96.3  of this
				Part in an amount not exceeding 25 percent of the net worth of the credit union
				or $15,000, whichever is greater, provided that the amount exceeding the
				greater of 15 percent of such net worth or $5,000, as the case may be, is
				secured by:
(1) the assignment of the cash
				surrender value of a life insurance policy issued by a life insurance company
				chartered by this State or any other state;
(2) a deposit or share account in any
				federally insured banking institution which does not exceed the amount of
				insurance coverage;
(3) common or
				preferred stocks listed on either the New York or American Stock Exchange,
				provided that only 80 percent of the market value of such stocks shall be
				considered as collateral;
(4)
				securities in which a credit union may invest pursuant to section 453 (14)  of the Banking Law,
				provided that the lower of par or market value shall be considered in
				evaluating such securities;
(5) a
				lien on tangible property appraised in good faith by the credit committee of a
				credit union, provided that only 80 percent of the fair market value of such
				property shall be considered as collateral.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 96 - Lending Limits For Credit Unions › Section 96.6 - Maximum amount of loan

Current through Register Vol. 46, No. 28, July 10, 2024
(a) No credit
				union shall make a loan to a member in accordance with the provisions of
				section
				96.4  of this
				Part, if upon the making of that loan, the member would be indebted to the
				credit union upon loans directly or indirectly made to such member under such
				section in an aggregate amount exceeding $1,000,000 unless it has made a prior
				written (including electronic) request to, and received the prior written
				approval of, the superintendent.
(b) No credit union shall make a loan to a
				member in accordance with the provisions of section
				96.4 or
				96.5 
				of this Part if, upon making of that loan, the member would be indebted to the
				credit union upon loans directly or indirectly made to such member under such
				sections in an aggregate amount exceeding 25 percent of the net worth of the
				credit union; provided, however, that a credit union may, in any event, make a
				loan to a member for the minimum amounts specified in such sections.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 97 - Investment In Credit Union Organizations › Section 97.1 - Scope

Current through Register Vol. 46, No. 28, July 10, 2024
The provisions of this Part apply to all credit unions which
				  invest in the stock, capital notes and debentures of credit union
				  organizations.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 97 - Investment In Credit Union Organizations › Section 97.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of this Part, a credit union organization shall
				  be defined as any organization established primarily to serve the needs of its
				  member State and Federal credit unions and whose business relates to the daily
				  operations of the credit unions it serves.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 97 - Investment In Credit Union Organizations › Section 97.3 - Permitted activities

Current through Register Vol. 46, No. 28, July 10, 2024
A credit union organization may engage in the following
				  activities:
(a) originating, investing
				in, purchasing, selling, servicing or otherwise dealing in, directly or through
				participation, loans of any type which may be made by a credit union;
(b) providing services primarily for other
				credit unions (e.g., accounting, auditing, clerical, consulting, data
				processing, investment advisory, managerial);
(c) providing tax preparation
				services;
(d) financing leases of
				personal property to members;
(e)
				issuing credit cards and engaging in credit card operations;
(f) opening and maintaining shared service
				centers in accordance with the provisions of section
				97.8  of
				this Part; and
(g) any other
				activity specifically approved by the superintendent.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 97 - Investment In Credit Union Organizations › Section 97.4 - Investment procedures

Current through Register Vol. 46, No. 28, July 10, 2024
Any capital investment in credit union organizations shall be
				  made in accordance with the procedures contained in this section.
(a) Prior notice. Credit unions which seek to
				make a capital investment in a credit union organization which will engage in
				any of the activities listed in section
				97.3(a) to
				(e)  of this Part shall notify the
				superintendent, in writing, of such intention not less than 45 days prior to
				making such investment. If the superintendent does not object, in writing,
				within 45 days after receipt of a completed notice, the credit union may make
				the contemplated investment. The superintendent may object to such investment
				if it is found that it is not consistent with the purposes and intent of
				article 11 of the Banking Law.
(b)
				Application to superintendent. Credit unions which seek to make a capital
				investment in a credit union organization which will engage in any activity
				requiring the specific approval of the superintendent under section
				97.3(f) 
				of this Part shall submit a written application therefor. This application
				shall include a full explanation and complete documentation of the activity and
				how that activity is associated with the daily operations of the credit union.
				The superintendent shall approve such application if it is found that the
				activity is consistent with the purposes and intent of article 11 of the
				Banking Law and such approval may contain any restrictions and limitations as
				are deemed necessary. If written approval of the application is not given
				within 45 days of receipt of all of the information required by this Part, such
				application shall be deemed denied.
(c) Information required. Credit unions which
				give the superintendent notice as specified in subdivision (a) of this section
				or make application to the superintendent as specified in subdivision (b) of
				this section shall, together with such notice or application, as the case may
				be, submit the information required to be submitted by a bank or trust company
				in accordance with sections
				113.2 and
				113.3  of
				Supervisory Procedure CB 113 of this Title.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 97 - Investment In Credit Union Organizations › Section 97.5 - Aggregate limitation

Current through Register Vol. 46, No. 28, July 10, 2024
The aggregate amount of a credit union's investments in the
				  stock, capital notes and debentures of credit union organizations, together
				  with the aggregate amount of loans to such organizations, shall not exceed
				  three percent of the amount due to the members of the credit union on shares
				  and deposits. For the purposes of this section, a loan shall include any loan
				  or advance made directly or indirectly to a credit union organization
				  (excluding accounts payable incurred in the ordinary course of business and
				  paid within 60 days).
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 97 - Investment In Credit Union Organizations › Section 97.6 - Separate existence of credit union organization

Current through Register Vol. 46, No. 28, July 10, 2024
Every credit union organization shall be operated in a manner
				  which demonstrates to the public that the organization has separate corporate
				  existence and is operationally distinct from its member credit unions. Every
				  instrument which evidences a borrowing by a credit union organization shall
				  specifically indicate whether or not, and to what extent, its member credit
				  unions are liable for such borrowing.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 97 - Investment In Credit Union Organizations › Section 97.7 - Examination of credit union organizations

Current through Register Vol. 46, No. 28, July 10, 2024
No credit union shall invest in or make loans to any credit
				  union organization after the effective date of this Part, unless and until it
				  has filed with the superintendent a letter agreement from the credit union
				  organization which:
(a) states that
				the credit union organization is subject to the general supervision of the
				Banking Department;
(b) permits
				periodic examinations of the credit union organization, as the superintendent
				deems necessary; and
(c) states
				that the credit union will reimburse the Banking Department for the total cost
				of such examinations.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 97 - Investment In Credit Union Organizations › Section 97.8 - Shared service centers

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				Definition. A shared service center is a facility staffed by employees of the
				credit union organization which facility uses an electronic network to provide
				credit union banking services to members of participating credit unions and at
				which a principal portion of the services provided are performed by automated
				teller machines or similar facilities.
(b) Permitted services. A credit union
				organization may offer credit union members the types of banking services
				authorized for electronic facilities established or shared by banking
				institutions pursuant to Part 73 of the General Regulations of the Banking
				Board.
(c) Notice. In addition to
				the notice required by section
				97.4(a) 
				of this Part, a credit union shall advise the superintendent in writing of the
				location of all shared service centers (whether within or outside New York)
				prior to offering its members any services at such centers.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 100 - Personal Property Leasing Activities Of Banks And Trust Companies › Section 100.1 - Explanatory note

Current through Register Vol. 46, No. 28, July 10, 2024
Section 96 (12)  of the Banking Law
				  authorizes banks and trust companies to acquire and lease personal property or
				  acquire personal property subject to an existing lease together with the
				  lessor's interest therein, subject to such regulations as may be imposed by the
				  superintendent.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 100 - Personal Property Leasing Activities Of Banks And Trust Companies › Section 100.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For the purposes of this Part:
(a) The term net-lease means a lease under
				which the bank or trust company will not, directly or indirectly, provide or be
				obligated to provide for:
(1) the servicing,
				repair or maintenance of the leased property during the lease term;
(2) the purchasing of parts and accessories
				for the leased property;
(3) the
				loan of replacement or substitute property while the leased property is being
				serviced;
(4) the purchasing of
				insurance for the lessee, except where the lessee has failed in its contractual
				obligation to purchase or maintain the required insurance; and
(5) the renewal of any license or
				registration for the property unless such action by the bank or trust company
				is clearly necessary to protect its interest as an owner or financier of the
				property.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 100 - Personal Property Leasing Activities Of Banks And Trust Companies › Section 100.3 - Limitations

Current through Register Vol. 46, No. 28, July 10, 2024
(a) All personal
				property leasing performed by banks or trust companies shall be on a net-lease
				basis.
(b) The aggregate investment
				by a bank or trust company in personal property subject to leases other than
				full-payout leases shall not exceed 10 percent of the assets of the bank or
				trust company.
(c) All amounts
				owned by lessees under leases shall be deemed a loan to the lessee and the
				personal property subject to a lease shall be considered to be collateral
				securing such loan for the purposes of Banking Law, section
				103(1).
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 111 - Mutual Holding Companies › Section 111.1 - Scope; introduction

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				This Part implements the Banking Board's authority under article VI-C of the
				Banking Law to regulate the establishment of and the operations of mutual
				holding companies. It addresses only those features of mutual holding companies
				that are not governed by other provisions of the Banking Law and
				regulations.
(b) The definitions
				contained in section
				86.3 
				of this Title shall apply to any transaction under this Part, unless the
				context requires otherwise and except as provided below. The reorganization of
				a mutual savings bank into mutual holding company form (hereafter sometimes
				referred to as the 'reorganization') and the conversion of a mutual holding
				company into a stock holding company (hereafter sometimes referred to as the
				'conversion') shall be governed by the rules prescribed in section
				86.4 
				of this Title and, if in conjunction with a stock offering, section
				86.5 
				of this Title, except to the extent such rules are inconsistent with the
				transaction and except as provided below. Any stock offering by a mutual
				holding company or by a savings bank subsidiary of a mutual holding company,
				subsequent to the reorganization but after which the mutual holding company
				would retain at least 51 percent of the issued and outstanding shares of the
				stock savings bank (a 'subsequent offering'), shall be governed by the rules
				prescribed in section
				86.5 
				of this Title, except to the extent such rules are inconsistent with the
				transaction and except as provided below. Any stock offering by a mutual
				holding company or by a savings bank subsidiary of a mutual holding company,
				subsequent to the reorganization but after which the mutual holding company
				would retain at least 51 percent of the issued and outstanding shares of the
				stock savings bank (a 'subsequent offering'), shall be governed by the rules
				prescribed in section
				86.5 
				of this Title, except to the extent such rules are inconsistent with the
				transaction and except as provided below. Any 'stock offering' make pursuant to
				this Part shall be a public offering, and 'stock' or 'shares' includes common
				stock, any securities convertible into common stock, and any other security
				with voting power or convertible into a security with voting power. Any savings
				bank or mutual holding company may apply to the superintendent, in connection
				with a transaction authorized by this Part, for such variations from the rules
				prescribed by this Part or Part 86 of this Title as are necessary and proper to
				effectuate the transaction.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 111 - Mutual Holding Companies › Section 111.2 - Subscription rights

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				Except for shares issued to a mutual holding company, and except for shares
				issued to the employee stock benefit plans of the stock savings bank or
				reserved to satisfy the stock option plans of the stock savings bank, whether
				adopted in connection with the reorganization, a subsequent offering or the
				conversion, all shares of stock issued in connection with a reorganization
				shall be subject to subscription rights granted to eligible account holders. As
				used in this Part, "shares of stock issued in connection with the
				reorganization of a mutual savings bank" include shares issued upon the
				reorganization, shares sold by a mutual holding company or a savings bank
				subsidiary in any subsequent offering (whether shares held by the mutual
				holding company or shares newly issued by the stock savings bank), shares
				reserved to satisfy any stock option plan, and shares sold in connection with
				the conversion.
(b) An eligible
				account holder for the purposes of this section is any depositor of a savings
				bank who owned in such bank one or more accounts having an aggregate balance of
				$100 or more on the pertinent record date. In the case of the reorganization,
				the record date shall be the date established by the board of trustees, which
				date shall be no less than 30 and no more than 120 days prior to the date on
				which the plan of reorganization is adopted by the trustees; in the case of any
				subsequent offering, the record date shall be the date established by the board
				of directors of the stock-form savings bank issuing new shares or board of
				trustees of the mutual holding company selling shares, as the case may be,
				which date shall be no less than 30 and no more than 120 days prior to the date
				on which the shares are offered; in the case of the conversion, the record date
				shall be the date established by the mutual holding company's board of
				trustees, which date shall be no less than 30 and no more than 120 days prior
				to the date on which the plan of conversion is adopted by the
				trustees.
(c) Subscription rights
				shall not be granted to any eligible account holder in connection with a
				reorganization, subsequent offering, or conversion to acquire more than five
				percent of the total issued and outstanding shares of the stock-form savings
				bank or holding company, after taking the offering into account.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 111 - Mutual Holding Companies › Section 111.3 - Stock options and stock grants

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				Shares of stock issued in connection with the reorganization of a mutual
				savings bank may be reserved, in an amount not to exceed 10 percent of the
				number of shares held by persons other than the mutual holding company, to
				satisfy stock option plans approved by the savings bank's stockholders and
				issued, in an amount not to exceed three percent of the number of shares held
				by persons other than the mutual holding company, pursuant to restricted stock
				plans approved by the savings bank's stockholders.
(b) Members of the board of trustees of the
				mutual holding company, whether at the time of the reorganization or
				thereafter, shall be ineligible to participate in any stock option plan or
				restricted stock plan unless such plan has been approved by the holders of a
				majority of the shares held by the savings bank's disinterested stockholders.
				For the purposes of this section, shares held by the savings bank's
				disinterested stockholders shall mean the issued and outstanding shares of
				stock of the savings bank other than shares held by the mutual holding company.
				Nothing contained herein shall limit the ability of a trustee of a mutual
				savings bank to exercise subscription rights granted pursuant to section
				111.2  of this
				Part or to limit the ability of a trustee of a mutual holding company to make
				subsequent purchases of shares of stock of a subsidiary savings bank subject to
				section
				111.6(c) 
				of this Part.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 111 - Mutual Holding Companies › Section 111.4 - Limitations on the disposition by a mutual holding company of stock of a subsidiary savings bank

Current through Register Vol. 46, No. 28, July 10, 2024
No mutual holding company may dispose of any interest in
				  stock of a subsidiary savings bank except as provided in this section.
(a) A mutual holding company may sell stock
				of a subsidiary savings bank in a subsequent offering.
(b) A mutual holding company may pledge stock
				of a subsidiary savings bank to secure borrowings upon the receipt of the
				written approval of the superintendent so long as the terms of the pledge do
				not have the effect of causing a change of control of the stock savings
				bank.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 111 - Mutual Holding Companies › Section 111.5 - Liquidation account

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				Each stock-form savings bank formed in connection with a reorganization shall
				establish and maintain a liquidation account in accordance with the provisions
				of section
				86.4(f) 
				of this Title.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 111 - Mutual Holding Companies › Section 111.6 - Reorganization into mutual holding company form

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The mutual holding company may retain or
				acquire assets of the mutual savings bank only to the extent permitted by the
				superintendent consistent with the safe and sound operation of the stock
				savings bank.
(b) A stock savings
				bank established in connection with a reorganization shall reserve no
				authorized but unissued shares, except as necessary to satisfy a stock option
				plan or issued securities convertible into stock.
(c) A plan of reorganization shall contain
				the provisions set out in section
				86.4(e) 
				of this Title except that it need not provide for the sale of any stock and the
				aggregate price of any stock sold shall bear the same proportion to total
				estimated pro forma market value of the savings bank determined by an
				independent appraisal that the shares sold bear to the total issued and
				outstanding shares of the savings bank. The limitation contained in section
				86.4(e)(3) 
				of this Title shall continue until three years after conversion into a stock
				holding company.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 111 - Mutual Holding Companies › Section 111.7 - Subsequent offerings

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Any
				subsequent offering shall be made pursuant to an offering circular in the form
				prescribed in section
				86.15  of this
				Title that has been approved by the superintendent, whether the offering
				consists of newly issued shares being offered by the stock savings bank or
				previously issued shares being sold by the mutual holding company.
(b) The procedures to be followed in
				conducting a subsequent offering may, with the approval of the superintendent,
				differ from those set out in section
				86.5 
				of this Title so long as eligible account holders' subscription rights are not
				abrogated. Such differences may include, but need not be limited to, the
				distribution of offering circulars only to those eligible account holders who
				have requested them and combining a subscription offering with a public
				offering.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 111 - Mutual Holding Companies › Section 111.8 - Conversion into a stock holding company

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A mutual holding company may convert into
				a stock holding company by any method feasible under the applicable corporate
				laws and approved by the superintendent. It must convert in the event a
				transaction will result in its ownership of any savings bank subsidiary
				declining to less than 51 percent of the total voting power of all outstanding
				shares.
(b) A plan of conversion
				must include a provision requiring the exchange of shares of a subsidiary
				savings bank for shares of the resulting stock holding company in a proportion
				established by independent appraisals of the mutual holding company and the
				subsidiary savings bank.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 112 - Investments Of Savings Banks In The Federal Home Loan Bank Of New York › Section 112.1 - Authorized investment

Current through Register Vol. 46, No. 28, July 10, 2024
Any savings bank is permitted to purchase such additional
				  shares of common stock of the Federal Home Loan Bank of New York as may be
				  required for such savings bank to obtain a loan from the Federal Home Loan Bank
				  of New York.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 114 - Supervision And Regulation Of Article Xii Investment Company Holding Companies And Their Subsidiaries For Purposes Of The European Union Financial Conglomerates Directive › Section 114.1 - Purpose and scope

Current through Register Vol. 46, No. 28, July 10, 2024
Article XV of the Banking Law authorizes the formation of
				  investment companies and article XII of the Banking Law sets forth the rights
				  and obligations of such investment companies. The purpose of this Part is to
				  clarify the superintendent's examination, supervision, regulation, and
				  enforcement authority over certain financial conglomerates for purposes of
				  carrying out equivalent supervision under the European Union Financial
				  Conglomerates Directive.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 114 - Supervision And Regulation Of Article Xii Investment Company Holding Companies And Their Subsidiaries For Purposes Of The European Union Financial Conglomerates Directive › Section 114.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of this Part:
(a) Banking Law means the New York Banking
				Law.
(b) Banking organization means
				all banks, trust companies, private bankers, savings banks, safe deposit
				companies, savings and loan associations, credit unions and investment
				companies organized under the Banking Law.
(c) Company means a corporation, partnership,
				unincorporated association, limited liability company, or any other
				entity.
(d) Control means the
				possession, directly or indirectly, of the power to direct or cause the
				direction of management and policies of a company, whether by means of the
				ownership of the voting stock or equity interests of such company or of one or
				more persons controlling such company, by means of a contractual arrangement or
				otherwise. Control shall be presumed to exist if any company, directly or
				indirectly, owns, controls or holds with the power to vote 10 per centum or
				more of the voting stock or other equity interests of any company or of any
				company which owns, controls or holds with power to vote 10 per centum or more
				of the voting stock or other equity interests of such company.
(e) Equivalent supervision means a
				supervisory and regulatory regime meeting the standards required under the
				Financial Conglomerates Directive.
(f) Financial conglomerate means a group
				meeting the definition of financial conglomerate under the Financial
				Conglomerates Directive and having an investment company within its
				structure.
(g) Financial
				Conglomerates Directive means the European Union Financial Conglomerates
				Directive 2002/87/EC, as it may be amended from time to time.
(h) Investment company means a banking
				organization organized pursuant to the Banking Law and subject to the
				provisions of article XII of the Banking Law.
(i) Investment company holding company means
				the top tier corporation or other entity that controls an investment
				company.
(j) Subsidiary means a
				company at least 10 per centum of the voting stock or other equity interests of
				which is controlled directly or indirectly by an investment company holding
				company.
(k) Supervision agreement
				means an individual agreement entered into between a financial conglomerate and
				the superintendent which provides for a detailed plan of supervision by the
				superintendent over the financial conglomerate, including specific regulatory
				requirements applicable to the investment company holding company and its
				subsidiaries.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 114 - Supervision And Regulation Of Article Xii Investment Company Holding Companies And Their Subsidiaries For Purposes Of The European Union Financial Conglomerates Directive › Section 114.3 - Examination, supervision, regulation, and enforcement authority of the superintendent over investment company holding companies and their subsidiaries for purposes of the european union financial conglomerates directive

Current through Register Vol. 46, No. 28, July 10, 2024
To assist the Banking Department in carrying out equivalent
				  supervision of a financial conglomerate for purposes of carrying out the
				  requirements of the Financial Conglomerates Directive, the superintendent shall
				  have examination, supervision, regulation, and enforcement authority over an
				  investment company holding company and any of its subsidiaries to the same
				  extent as he or she has examination, supervision, regulation, and enforcement
				  authority over any banking organization under the Banking Law. This authority
				  includes, but is not limited to, the authority to:
(a) apply Banking Law, section
				36 relating to examinations and
				confidentiality of information to an investment company holding company and its
				subsidiaries, as if such entities were banking organizations;
(b) issue orders to an investment company
				holding company and its subsidiaries as provided in Banking Law, section
				39, as if such entities were banking
				organizations;
(c) impose monetary
				penalties for violation of law or regulation, as provided in Banking Law,
				section
				44, as if such entities were banking
				organizations;
(d) impose capital
				requirements on an investment company holding company and its subsidiaries, as
				appropriate or required in the judgment of the superintendent;
(e) prescribe requirements for the keeping of
				books and records by the investment company holding company and its
				subsidiaries;
(f) require filing by
				the investment company holding company and its subsidiaries with the
				superintendent of periodic reports of condition, reports of income, risk
				profiles, large exposures and such other reports as may be required by the
				superintendent;
(g) levy
				assessments on the investment company holding company and its subsidiaries, as
				provided in Banking Law, section 17, as if such entities were banking
				organizations;
(h) issue such
				general or specific rules or regulations as may be necessary to effectuate the
				examination, supervision, regulation, and enforcement authority over investment
				company holding companies and their subsidiaries for purposes of meeting the
				requirements of equivalent supervision under the Financial Conglomerates
				Directive.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 114 - Supervision And Regulation Of Article Xii Investment Company Holding Companies And Their Subsidiaries For Purposes Of The European Union Financial Conglomerates Directive › Section 114.4 - Supervision agreements with financial conglomerates

Current through Register Vol. 46, No. 28, July 10, 2024
The superintendent may enter into one or more supervision
				  agreements with each financial conglomerate. Such supervision agreements will
				  set forth the specific plan of supervision and detailed regulatory requirements
				  applicable to an investment company holding company and its subsidiaries (e.g.,
				  capital requirements, reporting requirements, transactional limitations, etc.).
				  The superintendent may exercise enforcement authority under Banking Law,
				  sections
				  39 and
				  44
				  for breaches or violations of such supervision agreements. Such supervision
				  agreements shall be in addition to, and shall not serve as a limitation on, the
				  superintendent's examination, supervision, regulation and enforcement authority
				  provided under this Part over investment company holding companies and their
				  subsidiaries to the same extent as the superintendent has examination,
				  supervision, regulation, and enforcement authority over any banking
				  organization under the Banking Law.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 114 - Supervision And Regulation Of Article Xii Investment Company Holding Companies And Their Subsidiaries For Purposes Of The European Union Financial Conglomerates Directive › Section 114.5 - Limitations

Current through Register Vol. 46, No. 28, July 10, 2024
The superintendent's examination, supervision, regulation,
				  and enforcement authority over investment company holding companies and their
				  subsidiaries as provided in this Part is limited to those cases in which the
				  Banking Department needs to provide equivalent supervision for a specific
				  financial conglomerate under the Financial Conglomerates Directive. The
				  provisions of Banking Law, article XIII governing voluntary and involuntary
				  liquidations of banking organizations shall not be applicable to investment
				  company holding companies, although they are applicable to investment
				  companies.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 115 - Anti-money Laundering Programs For Applications For Charters, Acquisitions And Mergers And Changes Of Control › Section 115.1 - Anti-money laundering programs

Current through Register Vol. 46, No. 28, July 10, 2024
This Part is issued to assure ongoing compliance with the
				  existing practice of the Superintendent of Banks (the "superintendent") to
				  require each applicant for a charter, or for approval of an acquisition, merger
				  or change of control to demonstrate an anti-money laundering program that
				  complies with applicable Federal anti-money laundering laws, including a
				  required customer identification program (31 U.S.C. chapter 53, subchapter ll
				  and
				  31 U.S.C.
				  5318 [l])[FN*]and regulations promulgated by
				  the United States Department of Treasury ( 31 CFR part 103.120)*, and, as
				  appropriate, regulations of the Board of Governors of the Federal Reserve
				  System (12 CFR parts 208.63 and 211.24)*, regulations of the Federal Deposit
				  Insurance Corporation (12 CFR
				  326.8) *, and regulations of the National
				  Credit Union Administration ( 12 CFR part 748.2)*. In addition, the department
				  seeks to assure compliance with applicable regulations issued by the Office of
				  Foreign Asset Control of the United States Department of the Treasury ("OFAC")
				  ( 31 CFR part 500  et seq.)*.
(a) Each
				applicant shall demonstrate that it has, or on the effective date of the
				transaction that is the subject of the application, will have, an anti-money
				laundering program that complies with the applicable Federal anti-money
				laundering laws and regulations referred to in this section.
(b) For purposes of this Part, the required
				anti-money laundering program shall, at a minimum:
(1) provide for a system of internal controls
				to assure ongoing compliance;
(2)
				provide for independent testing for compliance to be conducted by bank
				personnel or by an outside party;
(3) designate an individual or individuals
				responsible for coordinating and monitoring day-to-day compliance;
				and
(4) provide training for
				appropriate personnel.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 115 - Anti-money Laundering Programs For Applications For Charters, Acquisitions And Mergers And Changes Of Control › Section 115.2 - Charter and license applications

Current through Register Vol. 46, No. 28, July 10, 2024
All applications submitted for approval by the department to
				  establish a bank or trust company, private banker, savings bank, savings and
				  loan association, safe deposit company, investment company, credit union, to
				  establish a branch or agency in New York State of a foreign banking corporation
				  or to establish a representative office of a foreign banking corporation shall
				  be accompanied by information demonstrating that the applicant maintains or
				  will maintain an anti-money laundering program that satisfies the requirements
				  set forth in section
				  115.1 
				  of this Part.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 115 - Anti-money Laundering Programs For Applications For Charters, Acquisitions And Mergers And Changes Of Control › Section 115.3 - Merger, purchase and assumption, acquisition and change of control applications

Current through Register Vol. 46, No. 28, July 10, 2024
All applications for approval by the department to merge
				  with, purchase and/or assume, or acquire control (as defined in the applicable
				  provisions of the Banking Law) of, any bank or trust company, savings bank,
				  savings and loan association, investment company, safe deposit company or
				  credit union shall be accompanied by information demonstrating that the
				  applicant has or will have an anti-money laundering program that satisfies the
				  requirements set forth in section
				  115.1 
				  of this Part.