N.Y. Banking Law Section 600
Merger

  • when authorized
The following mergers are hereby authorized:

(1)

One or more corporations organized under the laws of this state and subject to the provisions of article three, article eight, article eleven or article twelve of this chapter with another corporation subject to the provisions of the same article.

(2)

One or more mutual savings banks with another mutual savings bank.

(3)

One or more mutual savings and loan associations with another mutual savings and loan association.

(4)

One or more mutual savings and loan associations with one or more mutual savings banks.

(5)

One or more safe deposit companies with a bank or trust company.

(6)

One or more banks, trust companies, stock-form savings banks or stock-form savings and loan associations, with one or more out-of-state banks or out-of-state trust companies as such terms are defined in § 222 (Definitions)section two hundred twenty-two of this chapter.

(7)

One or more subsidiaries or affiliates of a bank, trust company, savings bank or savings and loan association, which are not a bank, trust company, savings bank or savings and loan association, as those terms are defined in § 2 (Definitions)section two of this chapter, with the bank, trust company, savings bank or savings and loan association of which it is a subsidiary or affiliate, as the superintendent of financial services shall approve and enter on its records; provided, however, that nothing in this subdivision shall be deemed to authorize a bank, trust company, savings bank or savings and loan association to exercise any power or engage in any activity that it may not exercise or engage in pursuant to this chapter. The superintendent of financial services may promulgate such regulations as he or she deems necessary and proper to implement and define the provisions of this subdivision. Nothing in this subdivision shall alter, affect or impair any regulation or resolution adopted, or that may be adopted, by the superintendent of financial services, pursuant to section twelve-a or former sections fourteen-g or fourteen-h of this chapter.

(8)

Such other mergers between and among banking institutions as the superintendent of financial services may authorize. The superintendent may promulgate such regulations as he or she deems necessary and proper to implement and define the provisions of this paragraph.

Source: Section 600 — Merger; when authorized, https://www.­nysenate.­gov/legislation/laws/BNK/600 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

600
Merger 601
Merger agreement 601‑A
Purchase of assets 601‑B
Approval or disapproval of merger or purchase of assets 601‑C
Sale, lease, exchange or other disposition of property, rights, privileges and franchises 602
Effect of merger 603
Issuance of new certificates of stock or other consideration 604
Rights of dissenting stockholders 604‑A
Transfer of fiduciary relationships 605
Voluntary liquidation 605‑A
Transfer of deposit liabilities of bank or trust company 606
When superintendent may take possession of banking organization 607
Manner and time within which taking possession may be tested 609
Resumption of business by bank, trust company or industrial bank 610
Resumption of business in accordance with plan of reorganization 611
Special deputies 611‑A
Appointment of single judge 612
Certificates to be recorded and received in evidence 612‑A
Payment of wages 613
Payment by superintendent of expenses of liquidation 614
Obtaining possession of pleadings, et cetera, in actions against which attorneys’ liens are asserted 615
On taking possession, superintendent shall notify those holding assets 616
Inventory of assets 617
Disposition of property held as bailee, or depositary 618
Liquidation and conservation of assets 618‑A
Repudiation of contracts 619
Prosecution and defense of actions 620
Notice to creditors to make proof of claims 620‑A
Certain claims shall not be accepted 622
List of claims duly presented 623
Filing objections to claims presented or listed 624
Acceptance and rejection of claims and accounts 625
Effect of accepting claims and accounts 626
Judgments recovered shall not be liens 627
Dividends to creditors 628
Payment of dividends when deposits have been made available by Federal Deposit Insurance Corporation 629
Payment of dividends to minors, trustees or joint depositors 630
Claims of shareholders and members of credit unions and savings and loan associations 631
Actions against directors, trustees, managers or officers for violation of their official duties 633
Service of notice or process during time of war 634
Power to appoint regulator or insurer as receiver
Green check means up to date. Up to date

Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 600’s source at nysenate​.gov

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