§ 209 — Restrictions on executive officers of foreign banking corporations and national banks

§ 209. Restrictions on executive officers of foreign banking\ncorporations and national banks. 1. No executive officer of a foreign\nbanking corporation maintaining a branch in this state may be an\nexecutive officer, director or trustee of a bank or trust company,\nsavings bank, savings and loan association, national bank, federal\nsavings bank or federal savings association, the principal office of\nwhich institution is located in this state, bank holding company or\nanother foreign banking corporation maintaining a branch in this state,\nunless permission therefor has been granted by the superintendent\npursuant to the provisions of subdivision three of this section, except\nthat an executive officer of a foreign banking corporation maintaining a\nbranch in this state which is a subsidiary of a bank holding company may\nbe (i) an executive officer and (ii) a director of the bank holding\ncompany of which such foreign banking corporation is a subsidiary, and\nof one or more of the banking institutions which are subsidiaries of\nsuch bank holding company.\n 2. No executive officer of a national bank, federal savings bank or\nfederal savings association, the principal office of which institution\nis located in this state, may be an executive officer, director or\ntrustee of a bank or trust company, savings bank, savings and loan\nassociation, bank holding company or foreign banking corporation\nmaintaining a branch in this state, unless permission therefor has been\ngranted by the superintendent pursuant to the provisions of subdivision\nthree of this section, except that (1) an executive officer of a\nnational bank located in this state, which is a subsidiary of a bank\nholding company may be (i) an executive officer and (ii) a director of\nthe bank holding company and of one or more banking institutions which\nare subsidiaries of such bank holding company.\n 3. The superintendent shall have the power to determine by regulation\nwho shall be considered, under the provisions of this subdivision, to be\nan executive officer, and by regulation, to grant permission to an\nexecutive officer of a foreign banking corporation maintaining a branch\nin this state and to an executive officer of a national bank located in\nthis state, to be at the same time an executive officer, trustee or\ndirector or both an executive officer and a trustee or director of a\nbank or trust company, savings bank, savings and loan association,\nnational bank, federal savings bank or federal savings association, the\nprincipal office of which is located in this state, bank holding\ncompany, and foreign banking corporation maintaining a branch in this\nstate. Such permission may be granted only if in the judgment of the\nsuperintendent such service by the executive officer will be consistent\nwith the policy of the state of New York as declared in section ten of\nthis chapter. The superintendent shall have the power to revoke such\npermission whenever the superintendent finds, after reasonable notice\nand an opportunity to be heard, that the public interest requires such\nrevocation.\n 4. For the purposes of this subdivision, the terms "subsidiary",\n"banking institution" and "bank holding company" shall each be given the\nsame meaning as is contained in their respective definition in section\none hundred forty-one of this chapter, except that the definition of the\nterm "banking institution" is modified to include a national bank,\nfederal savings bank or federal savings association, the principal\noffice of which institution is located in this state, and a foreign\nbanking corporation maintaining a branch in this state.\n 5. All other restrictions and limitations imposed by this chapter on\nexecutive officers and directors of foreign banking corporations\nmaintaining a branch in this state and on national banks, federal\nsavings banks and federal savings associations, the principal office of\nwhich institution is located in this state, shall continue in effect.\n