§ 136-A — Purchase of assets of national banking association by bank or trust company

§ 136-a. Purchase of assets of national banking association by bank or\ntrust company. 1. A state bank or trust company may acquire, whether by\npurchase or otherwise, other than by merger, all or a substantial part\nof the assets of a national banking association, provided that the\naction taken complies with federal law.\n 2. In the case of each such acquisition, a written plan providing for\nthe acquisition by the bank or trust company of the assets of the\nnational banking association shall be submitted, in duplicate, by the\nbank or trust company to the superintendent. Such plan shall be in form\nsatisfactory to the superintendent, shall specify the selling and the\nacquiring corporation, and shall prescribe the terms and conditions of\nthe acquisition and the mode of carrying it into effect.\n At the time of submission for action by the superintendent of the\nwritten plan of acquisition of assets, an investigation fee as\nprescribed pursuant to section eighteen-a of this chapter shall be paid\nto the superintendent.\n 3. With such plan of acquisition of assets there shall also be\nsubmitted, in duplicate, to the superintendent the following: (a) by the\nnational banking association, a certificate of the president, secretary\nor cashier of such association certifying that all steps have been taken\nwhich are necessary under federal law to the sale of its assets; (b) by\nthe bank or trust company, if the assets of the national banking\nassociation exceed ten per centum of the assets of the bank or trust\ncompany, a certificate of the president, secretary or cashier certifying\nthat such plan has been approved by the board of directors of his\ncorporation by a majority vote of all the members thereof, and that such\nplan was thereafter submitted to the stockholders of such corporation at\na meeting thereof held upon notice of at least fifteen days, specifying\nthe time, place, and object of such meeting and addressed to each\nstockholder at the address appearing upon the books of the corporation\nand published at least once a week for two successive weeks in one\nnewspaper in the county in which the bank or trust company has its\nprincipal place of business and that such plan has been approved at such\nmeeting by the vote of stockholders owning at least two-thirds in amount\nof the stock of such corporation.\n 4. Nothing contained in this section one hundred thirty-six-a shall be\nconstrued to prohibit any other purchase of assets which is otherwise\npermitted by applicable law.\n