§ 142-a. Limitation on acquisition of newly chartered banking\ninstitutions. 1. No bank holding company may acquire control of any\nbanking institution which has been chartered for less than five years\nand has its principal office in a city or village with a population of\nfifty thousand or less if the principal office of a bank, trust company\nor national bank the principal office of which institution is located in\nthis state and which institution is not a subsidiary of a bank holding\ncompany is located in such city or village; provided, however, such an\nacquisition may be consummated upon the obtaining of the appropriate\nsupervisory approvals if:
(a)application is pending for the institution\nbeing acquired to merge with or acquire the assets of another banking\ninstitution havin
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§ 142-a. Limitation on acquisition of newly chartered banking\ninstitutions. 1. No bank holding company may acquire control of any\nbanking institution which has been chartered for less than five years\nand has its principal office in a city or village with a population of\nfifty thousand or less if the principal office of a bank, trust company\nor national bank the principal office of which institution is located in\nthis state and which institution is not a subsidiary of a bank holding\ncompany is located in such city or village; provided, however, such an\nacquisition may be consummated upon the obtaining of the appropriate\nsupervisory approvals if: (a) application is pending for the institution\nbeing acquired to merge with or acquire the assets of another banking\ninstitution having its principal office in the same city or village and\nchartered for over five years, or if; (b) the superintendent finds that\nthe banking institution being acquired was not chartered directly or\nindirectly by the acquiring bank holding company, its officers,\ndirectors or stockholders, and does not have the capacity to continue to\nconduct its business independently in a fashion consistent with the\npublic interest and the interests of depositors, creditors, shareholders\nand stockholders.\n 2. As used in this section, the term "control" means the possession,\ndirectly or indirectly, of the power to direct or cause the direction of\nthe management and policies of a banking institution, whether through\nthe ownership of voting stock of such banking institution, the ownership\nof voting stock of any company which possesses such power or otherwise.\nControl shall be presumed to exist if any company, directly or\nindirectly, owns, controls or holds with the power to vote ten per\ncentum or more of the voting stock of any banking institution or of any\ncompany which owns, controls or holds with power to vote ten percent or\nmore of the voting stock of such banking institution, but no person\nshall be deemed to control a banking institution solely by reason of his\nbeing an officer or director of such banking institution or company. As\nused in this section, the terms "bank holding company" and "banking\ninstitution" shall have the meanings as defined in section one hundred\nforty-one of this article, except that the definition of "bank holding\ncompany" is modified to change the phrase "a banking institution"\nwherever it appears therein to "two or more banking institutions" and\nthe definition of "banking institution" is modified to add a national\nbanking association, the principal office of which is located in this\nstate.\n 3. As used in this section, the term "village" shall mean either an\nincorporated or unincorporated village.\n