§ 25-A — Authority of superintendent to file organization certificate and issue authorization certificate under certain conditions

New York § 25-A

• Jurisdiction: New York
• Law BNK: Banking
• Art. 2: Department of Financial Services; Superintendent of Financial Services; Supervisory and Regulatory Powers

Text

* § 25-a. Authority of superintendent to file organization certificate\nand issue authorization certificate under certain conditions. 1.\nNotwithstanding any other provision of law to the contrary, the\nsuperintendent is authorized to file and approve the organization\ncertificate of a bank or trust company and to issue an authorization\ncertificate to such bank or trust company in accordance with the\nprovisions of subdivision two of this section.\n 2. If the superintendent, after taking possession of the business and\nproperty of any banking organization pursuant to section six hundred six\nof this chapter, shall find that it is in the public interest for all or\na substantial part of the business or property of such banking\norganization to be acquired by a bank or trust company to be organized\nfor such purpose, he may forthwith file and approve the organization\ncertificate of, and issue an authorization certificate to, such bank or\ntrust company and in connection therewith may waive any condition,\nrequirement or provision of articles two, three and fifteen of this\nchapter, provided, however, that the superintendent shall be empowered\nto impose such terms and conditions, if any, on the exercise of any\nauthority granted to any such bank or trust company as he may deem\nappropriate to effectuate the declaration of policy contained in section\nten of this article.\n * NB Expired March 31, 1982\n