§ 399-a. Restrictions on holding of certain offices by executive\nofficers of federal savings banks and federal savings associations. 1.\nNo executive officer of a federal savings bank or federal savings\nassociation the principal office of which institution is located in this\nstate may be an executive officer, director or trustee of a savings and\nloan association, bank or trust company, savings bank, bank holding\ncompany or foreign banking corporation maintaining a branch in this\nstate, unless permission therefor has been granted by the superintendent\npursuant to subdivision two of this section, provided, however, that an\nexecutive officer of a federal savings and loan association located in\nthis state, who on the effective date of this section is an executive\nofficer, director
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§ 399-a. Restrictions on holding of certain offices by executive\nofficers of federal savings banks and federal savings associations. 1.\nNo executive officer of a federal savings bank or federal savings\nassociation the principal office of which institution is located in this\nstate may be an executive officer, director or trustee of a savings and\nloan association, bank or trust company, savings bank, bank holding\ncompany or foreign banking corporation maintaining a branch in this\nstate, unless permission therefor has been granted by the superintendent\npursuant to subdivision two of this section, provided, however, that an\nexecutive officer of a federal savings and loan association located in\nthis state, who on the effective date of this section is an executive\nofficer, director or trustee of a savings and loan association, bank or\ntrust company, savings bank, bank holding company or foreign banking\ncorporation maintaining a branch in this state, may continue to hold\nsuch other office without permission from the superintendent, until the\nexpiration of the term of such office or the close of business on the\nlast day of December, nineteen hundred seventy-four, whichever occurs\nsooner.\n 2. 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 federal savings bank or federal savings\nassociation located in this state, to be at the same time an executive\nofficer, director or trustee, or both an executive officer and a\ndirector or trustee of a savings and loan association, bank or trust\ncompany, savings bank, bank holding company, and foreign banking\ncorporation maintaining a branch in this state. Such permission may be\ngranted only if in the judgment of the superintendent such service by\nthe executive officer will be consistent with the policy of the state of\nNew York as declared in section ten of this chapter. The superintendent\nshall have the power to revoke such permission whenever the\nsuperintendent finds, after reasonable notice and an opportunity to be\nheard, that the public interest requires such revocation.\n 3. For the purposes of this subdivision, the term "bank holding\ncompany" shall be given the same meaning as is contained in section one\nhundred forty-one of this chapter, and the definition of the term\n"banking institution" is modified to include a national bank, federal\nsavings bank or federal savings association, the principal office of\nwhich institution is located in this state, and a foreign banking\ncorporation maintaining a branch in this state.\n 4. All other restrictions and limitations imposed by this chapter on\nexecutive officers and directors of federal savings and loan\nassociations located in this state, shall continue in effect.\n