New York Laws
Article 8 - Safe Deposit Companies.
324 - Change of Control.

(b) The superintendent shall disapprove the proposed exercise of
control of any safe deposit company if, after notice to and an
opportunity to be heard by the applicant and such safe deposit company,
he finds the acquisition of control therein contrary to law or
determines that disapproval is reasonably necessary to protect the
interests of the people of this state. In making such determination, the
superintendent shall only consider (i) whether the character,
responsibility and general fitness of the company which seeks to control
such safe deposit company are such as to command confidence and warrant
belief that the business of such safe deposit company will be honestly
and efficiently conducted in a manner consistent with the public
interest, the interests of bailors and creditors of such safe deposit
company and (ii) whether the exercise of control may impair the safe and
sound conduct of the business of such safe deposit company, the
conservation of its assets, or public confidence in its business. Unless
the superintendent shall have denied such application in writing within
ninety days of the receipt thereof, or shall have advised the applicant
in writing before the expiration of ninety days of his determination to
extend such period an additional sixty days, such application shall be
deemed approved.
(c) For a period of six months from the date of qualification thereof
and for such additional period of time as the superintendent may
prescribe in writing, the provisions of this subdivision shall not apply
to a transfer of control by operation of law to a legal representative,
as hereinafter defined, who has control of a safe deposit company.
The term "legal representative", for the purposes of this section,
shall mean one duly appointed by a court of competent jurisdiction to

act as executor, administrator, trustee, committee, conservator or
receiver, including one who succeeds a legal representative and one
acting in a ancillary capacity thereto in accordance with the provisions
of such court appointment.