New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 66 - Reciprocal Interstate Acquisitions Of Savings And Loan Associations › Section 66.3 - Acquisitions of new york insured institutions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Subject to the provisions of this Part,
				an out-of-state savings and loan holding company or subsidiary thereof may
				acquire control, directly or indirectly, of one or more insured institutions;
				provided, however, that no such acquisition of control shall be lawful without
				the prior approval of the superintendent. Any such acquisition of control
				approved by the superintendent shall not affect the powers or privileges of
				such insured institution or insured institutions. Any out-of-state savings and
				loan holding company or subsidiary thereof desiring to acquire control of one
				or more insured institutions shall file an application in writing with the
				superintendent and pay the fee specified in section
				1.2  of
				Supervisory Policy G 1 of this Title. The application shall contain such
				information as the superintendent may deem necessary or appropriate for the
				purpose of making a determination under this Part. As used in this Part, the
				term control means the possession, directly or indirectly, of the power to
				direct or cause the direction of the management and policies of an insured
				institution, whether through the ownership of voting stock of such insured
				institution, the ownership of voting stock of any company which possesses such
				power, or otherwise. Control shall be presumed to exist if any out-of-state
				savings and loan holding company or subsidiary thereof, directly or indirectly,
				owns, controls or holds with power to vote five per centum or more of the
				voting stock of such insured institution, but no person shall be deemed to
				control an insured institution solely by reason of being an officer or director
				of such institution or savings and loan holding company or subsidiary. The
				superintendent may in his or her discretion, upon the application of an
				out-of-state savings and loan holding company or subsidiary which, 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 insured institution,
				determine whether or not the ownership, control or holding of such voting stock
				would constitute control of such institution for purposes of this Part. No
				proposed acquisition of control pursuant to this Part shall be approved unless
				the superintendent finds that:
(1) the statute
				laws of the jurisdiction in which the operations of the out-of-state savings
				and loan holding company's insured subsidiaries are principally conducted
				specifically authorize the direct or indirect acquisition of control of one or
				more insured institutions in such jurisdiction by a savings and loan holding
				company or subsidiary thereof, the operations of which savings and loan holding
				company's insured subsidiaries are principally conducted in this State;
				or
(2) such statute laws authorize
				the acquisition of control because the out-of-state savings and loan holding
				company or subsidiary is authorized by Banking Law, section
				413 and this Part to acquire control of and
				hold shares of insured institutions in this State.