senate Bill S5004

Signed By Governor
2011-2012 Legislative Session

Amends the definition of "bank holding company" to replace the phrase "a banking institution" to "two or more banking institutions"

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Archive: Last Bill Status Via A8157 - Signed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Aug 17, 2011 signed chap.449
Aug 05, 2011 delivered to governor
Jun 17, 2011 returned to assembly
passed senate
3rd reading cal.783
substituted for s5004
Jun 17, 2011 substituted by a8157
May 24, 2011 advanced to third reading
May 23, 2011 2nd report cal.
May 18, 2011 1st report cal.783
May 02, 2011 referred to banks

Votes

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S5004 - Details

See Assembly Version of this Bill:
A8157
Law Section:
Banking Law
Laws Affected:
Amd ยงยง142-a, 105, 240 & 396, Bank L

S5004 - Summary

Amends the definition of "bank holding company" to replace the phrase "a banking institution" to "two or more banking institutions".

S5004 - Sponsor Memo

S5004 - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5004

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                               May 2, 2011
                               ___________

Introduced  by  Sen.  GRIFFO -- read twice and ordered printed, and when
  printed to be committed to the Committee on Banks

AN ACT to amend the banking law, in relation to the definition  of  bank
  holding company

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1.  Subdivision 2 of section 142-a  of  the  banking  law,  as
amended  by  chapter  217  of  the  laws  of 2010, is amended to read as
follows:
  2. As used in this section, the term "control" means  the  possession,
directly or indirectly, of the power to direct or cause the direction of
the  management  and  policies of a banking institution, whether through
the ownership of voting stock of such banking institution, the ownership
of voting stock of any company which possesses such power or  otherwise.
Control shall be presumed to exist if any company, directly or indirect-
ly,  owns,  controls  or  holds with the power to vote ten per centum or
more of the voting stock of any banking institution or  of  any  company
which  owns, controls or holds with power to vote ten percent or more of
the voting stock of such banking institution, but  no  person  shall  be
deemed to control a banking institution solely by reason of his being an
officer  or  director of such banking institution or company. As used in
this section, the terms "bank holding company" and "banking institution"
shall have the meanings as defined in section one hundred  forty-one  of
this  article,  except  that the definition of "bank holding company" is
modified to change  the  phrase  "a  banking  institution"  wherever  it
appears  therein  to  "[one]  TWO  or more banking institutions" and the
definition of "banking institution" is modified to add a national  bank-
ing association, the principal office of which is located in this state.
  S 2. Paragraph (a) of subdivision 1 of section 105 of the banking law,
as  amended  by  chapter  217 of the laws of 2010, is amended to read as
follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11212-01-1

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