§ 601-B — Approval or disapproval of merger or purchase of assets

§ 601-b. Approval or disapproval of merger or purchase of assets. 1.\nThe superintendent shall approve or disapprove of a proposed merger as\nauthorized by section six hundred of this chapter or a proposed\nacquisition of all or a substantial part of the assets of any banking\norganization as authorized by section six hundred one-a of this chapter,\nas the case may be, within one hundred twenty days after the submission\nof the proposed plan thereof to him. In determining whether to so\napprove, the superintendent shall take into consideration (i) the\ndeclaration of policy contained in section ten of this chapter, (ii)\nwhether the effect of such merger or acquisition shall be either to\nexpand the size or extent of the resulting or acquiring institution\nbeyond limits consistent with adequate and sound banking and the\npreservation thereof or result in a concentration of assets beyond\nlimits consistent with effective competition, (iii) whether such merger\nor acquisition may result in such a lessening of competition as to be\ninjurious to the interests of the public or tend toward monopoly and\n(iv) primarily, the public interest and the needs and convenience\nthereof. If the superintendent shall approve such proposed merger or\nacquisition, he shall file the plan, together with such certificates and\nthe original of the approval of the superintendent, in the office of the\nsuperintendent, and, in the case of merger, a duplicate of the plan,\ntogether with a duplicate of each of such certificates and a duplicate\nof the superintendent's approval, shall be filed in the office of the\nclerk of the county in which the principal office of the receiving\ncorporation is located. Upon such filing in the office of the\nsuperintendent, the merger or acquisition shall become effective, unless\na later date is specified in the plan, in which event the merger or\nacquisition shall become effective upon such later date.\n