§ 201-C — Notice of acquisition of control or merger

New York § 201-C

• Jurisdiction: New York
• Law BNK: Banking
• Art. 5: Foreign Banking Corporations and National Banks

Text

§ 201-c. Notice of acquisition of control or merger. 1. A foreign\nbanking corporation licensed pursuant to article two of this chapter to\nmaintain a branch or agency in this state shall file with the\nsuperintendent a notice, in such form and containing such information as\nthe superintendent may prescribe, no later than fourteen calendar days\nafter such foreign banking corporation becomes aware of any acquisition\nof control of such corporation or merges with another foreign banking\ncorporation.\n 2. Control, for purposes of this section, means any person or entity,\nor group of persons or entities acting in concert, directly or\nindirectly, owning, controlling or holding with power to vote,\ntwenty-five percent or more of any class of voting stock of such foreign\nbanking corporation, or having the ability in any manner to elect a\nmajority of the directors of such foreign banking corporation, or\notherwise exercising a controlling influence over the management and\npolicies of such foreign banking corporation as defined by the\nsuperintendent by regulation.\n