New York Laws
Article 10 - Savings and Loan Associations
399 - Restrictions on Directors and Officers.

(b) 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 savings and loan association to be an executive
officer, director or trustee or both an executive officer and a director
or a trustee of another savings and loan association, bank or trust
company, savings bank, national bank, federal savings bank or federal
savings association, the principal office of which is located in this
state, bank holding company or 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 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.
(c) For the purposes of this subdivision, the term "bank holding
company" shall be given the same meaning as is contained in 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.
(d) All other restrictions and limitations imposed by this chapter on
executive officers and directors of savings and loan associations shall
continue in effect.

Structure New York Laws