N.Y. Banking Law Section 136-A
Purchase of assets of national banking association by bank or trust company

1.

A state bank or trust company may acquire, whether by purchase or otherwise, other than by merger, all or a substantial part of the assets of a national banking association, provided that the action taken complies with federal law.

2.

In the case of each such acquisition, a written plan providing for the acquisition by the bank or trust company of the assets of the national banking association shall be submitted, in duplicate, by the bank or trust company to the superintendent. Such plan shall be in form satisfactory to the superintendent, shall specify the selling and the acquiring corporation, and shall prescribe the terms and conditions of the acquisition and the mode of carrying it into effect. At the time of submission for action by the superintendent of the written plan of acquisition of assets, an investigation fee as prescribed pursuant to § 18-A (Application fees)section eighteen-a of this chapter shall be paid to the superintendent.

3.

With such plan of acquisition of assets there shall also be submitted, in duplicate, to the superintendent the following:

(a)

by the national banking association, a certificate of the president, secretary or cashier of such association certifying that all steps have been taken which are necessary under federal law to the sale of its assets;

(b)

by the bank or trust company, if the assets of the national banking association exceed ten per centum of the assets of the bank or trust company, a certificate of the president, secretary or cashier certifying that such plan has been approved by the board of directors of his corporation by a majority vote of all the members thereof, and that such plan was thereafter submitted to the stockholders of such corporation at a meeting thereof held upon notice of at least fifteen days, specifying the time, place, and object of such meeting and addressed to each stockholder at the address appearing upon the books of the corporation and published at least once a week for two successive weeks in one newspaper in the county in which the bank or trust company has its principal place of business and that such plan has been approved at such meeting by the vote of stockholders owning at least two-thirds in amount of the stock of such corporation.

4.

Nothing contained in this section one hundred thirty-six-a shall be construed to prohibit any other purchase of assets which is otherwise permitted by applicable law.

Source: Section 136-A — Purchase of assets of national banking association by bank or trust company, https://www.­nysenate.­gov/legislation/laws/BNK/136-A (updated Sep. 22, 2014; accessed Oct. 26, 2024).

94
Change from bank to trust company 96
General powers 96‑A
Servicing of mortgages by banks 96‑B
Payroll payment by banks or trust companies 96‑C
Power to act as trustee under self-employed retirement trust or individual retirement trust 96‑D
Banking development districts 97
Power to purchase securities and stocks 98
Power to take and hold real estate 98‑A
Club accounts 100
Fiduciary powers 100‑A
Fiduciary capacities 100‑B
Investments as fiduciary 100‑C
Common trust funds 100‑D
Foreign common trust funds 101
Additional powers of certain trust companies 102
Powers of specially chartered trust companies 102‑A
Limited liability trust companies 103
Restrictions on loans, purchases of securities and total liabilities to bank or trust company of any one person 104
Entries in books 105
Branch offices 105‑A
Electronic facilities 105‑B
Trust offices 106
Deposits by banks and trust companies with other banking corporations and private bankers 107
Reserves against deposits 107‑A
Security for public deposits 108
Rates of interest 108‑A
Acceptance of United States currency 109
Closing of books 110
Surplus fund 111
Profits 112
Dividends 113
Change of location 114
Assessment of stockholders to make good impairment of capital stock 121
Reports to directors 122
Examinations of banks and trust companies by directors 123
Reports of directors’ examinations 124
Communications from department of financial services to be submitted to directors and noted in minutes 125
Reports to superintendent 128
Preservation of books and records 129
Requirement of notice on withdrawal of certain time deposits 129‑A
Requirement of written notification 130
Restrictions on officers, directors and employees 131
Prohibitions against encroachments upon certain powers of banks and trust companies 132
Use of sign, or words, indicating bank or trust company by unauthorized persons prohibited 133
Use of banking institution name 134
Repayment of deposits standing in the names of minors, trustees or joint depositors 136
Change of national banking association into state bank by conversion or merger 136‑A
Purchase of assets of national banking association by bank or trust company 136‑B
Approval of superintendent 136‑C
Effect of merger or conversion of national banking association into state bank 137
Change of state bank into national banking association by conversion, merger or consolidation 138
Foreign branches 139
Saving clause 140‑A
Stock option plans
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Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 136-A’s source at nysenate​.gov

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