This text of New York § 413 (Reciprocal interstate acquisitions) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§ 413. Reciprocal interstate acquisitions.
1.With the prior approval\nof the superintendent, a New York savings and loan holding company or a\nsubsidiary thereof or a New York savings association may acquire control\nof an out-of-state savings and loan holding company or an out-of-state\nsavings association, and an out-of-state savings and loan holding\ncompany or a subsidiary thereof or an out-of-state savings association\nmay acquire control of a New York savings and loan holding company or a\nNew York savings association subject to regulations to be adopted by the\nsuperintendent of financial services. The terms and conditions\nprescribed by such regulations shall be substantially similar to those\ncontained in section one hundred forty-two-b of this chapter governing\nreciprocal int
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§ 413. Reciprocal interstate acquisitions. 1. With the prior approval\nof the superintendent, a New York savings and loan holding company or a\nsubsidiary thereof or a New York savings association may acquire control\nof an out-of-state savings and loan holding company or an out-of-state\nsavings association, and an out-of-state savings and loan holding\ncompany or a subsidiary thereof or an out-of-state savings association\nmay acquire control of a New York savings and loan holding company or a\nNew York savings association subject to regulations to be adopted by the\nsuperintendent of financial services. The terms and conditions\nprescribed by such regulations shall be substantially similar to those\ncontained in section one hundred forty-two-b of this chapter governing\nreciprocal interstate acquisitions by bank holding companies.\n 2. For the purposes of this section:\n (a) the term "savings association" shall have the same meaning as in\nsection 10 of an Act of Congress entitled Home Owners Loan Act as\namended from time to time;\n (b) the term "savings and loan holding company" shall have the same\nmeaning as in section 10 of an Act of Congress entitled Home Owners Loan\nAct as amended from time to time;\n (c) the term "New York savings association" shall mean a savings\nassociation whose principal office is located in this state and the term\n"out-of-state savings association" shall mean a savings association\nwhose principal office is located in a state other than this state or\nthe District of Columbia; and\n (d) the term "New York savings and loan holding company" shall mean a\nsavings and loan holding company which controls one or more New York\nsavings associations and the term "out-of-state savings and loan holding\ncompany" shall mean a savings and loan holding company other than a New\nYork savings and loan holding company which conducts its principal\nbanking business in a state other than this state or the District of\nColumbia. The jurisdiction in which an out-of-state savings and loan\nholding company conducts its principal banking business is that state or\nthe District of Columbia in which the total deposits of such company and\nits banking subsidiaries are largest.\n