N.Y. Banking Law Section 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 § 10 (Declaration of policy)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 § 141 (Definitions)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.

Source: Section 399-A — Restrictions on holding of certain offices by executive officers of federal savings banks and federal savings associations, https://www.­nysenate.­gov/legislation/laws/BNK/399-A (updated Sep. 22, 2014; accessed Mar. 23, 2024).

375
Incorporation
376
Proposed by-laws
377
When corporate existence begins
378
Power to issue shares
378–A
Time deposits
378–B
Club accounts
378–C
Excelsior linked deposit program
378–D
Preservation of books and records
378–E
Water pollution control linked deposit program
379
Power to invest in securities
379–B
Service corporation owned by associations
380
Power to make loans
380–A
Power to purchase mortgage, loan or investment
380–B
Power to purchase mortgages from mortgage holders
380–C
Power to participate in certain loans and mortgage investments
380–E
Effect of usury
380–F
Power to make advances of federal funds
380–G
Power to engage in line of credit financing of residential real estate
380–H
Trust powers
380–I
Personal loan departments
380–J
Authorization to acquire and lease personal property
380–K
Investment in promissory notes
380–L
Excelsior linked deposit program
380–M
Water pollution control linked deposit program
381
Power to take and hold real estate
382
Power to borrow
382–A
Power to act as trustee under self-employed retirement trust and of individual retirement account
382–B
Power to issue certain obligations
383
Other powers
383–A
Rental of safe deposit boxes
384
Entries in books
385
Surplus account
386
Profits
387
Credits to surplus account and undivided profits
388
Fines and penalties for failure to make payments on instalment shares
389
Matured shares
390
Withdrawal of unpledged shares
392
Retirement of shares
393
Repayment of mortgage loans
394
Joint shares
395
Alternative provisions relative to payment of interest to shareholders
396
Change of location
396–A
Electronic facilities
396–B
Acceptance of United States currency
397
Number, qualifications and disqualifications of directors
397–A
Report to directors
398
Filling of vacancies in board of directors
398–A
Forfeiture of office of director
398–B
Duties of directors and officers
398–C
Executive committee and other committees
399
Restrictions on directors and officers
399–A
Restrictions on holding of certain offices by executive officers of federal savings banks and federal savings associations
400
Pensions
401
Official communications to be submitted to directors and noted in minutes
402
Amendment of articles of association and by-laws
403
Examination by directors
404
Reports to the superintendent
404–A
Photographic reproduction of records
405
Annual report to shareholders
406
Charters conformed to this article
407
Exemptions
409
Conversion of a state savings and loan association into a federal savings and loan association
410
Conversion of a federal savings and loan association into a state savings and loan association
411
Conversion of a savings and loan association or federal savings and loan association into a savings bank
412
Conversion of federal savings institutions to state charter
413
Reciprocal interstate acquisitions

Accessed:
Mar. 23, 2024

Last modified:
Sep. 22, 2014

§ 399-A’s source at nysenate​.gov

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