§ 143. Limitations on directors, officers and employees.

1. Every director of a bank holding company who is contingently
obligated on any loan or other extension of credit made by a banking
subsidiary of the bank holding company of which he is a member of the
board of directors to any other individual, partnership, unincorporated
association or corporation, shall file a statement of his financial
condition with such bank holding company at least once in each year and
at such other times as the superintendent may require. This subdivision
two shall not apply with respect to directors whose obligations are
secured by collateral having an ascertained market value of at least
fifteen per centum more than the amount of such obligations.

2. (a) No executive officer of a bank holding company may be an
executive officer or director of another bank holding company or of a
bank or trust company, savings bank, or savings and loan association, or
of a national bank, federal savings bank or federal savings association,
the principal office of which is located in this state, or of a foreign
banking corporation maintaining a branch in this state, unless
permission therefor has been granted by the superintendent of financial
services pursuant to the provisions of paragraph (b) of this
subdivision, except that an executive officer of a bank holding company
may be (i) an executive officer and (ii) a director of one or more
banking institutions or bank holding companies which are subsidiaries of
such bank holding company.

(b) The superintendent shall have the power to determine by regulation
who shall be considered, under the provisions of this subdivision, to be
an executive officer, and by regulation to grant permission to an
executive officer of a bank holding company to be at the same time an
executive officer, director or trustee or both an executive officer and
a director or a trustee of another bank holding company or of a bank or
trust company, savings bank, savings and loan association, national bank
located in this state, federal savings and loan association located in
this state or foreign banking corporation maintaining a branch in this
state. Such permission may be granted only if in the judgment of the
superintendent such service by the executive officer will be consistent
with the policy of the state of New York as declared in section ten of
this chapter. The superintendent shall have the power to revoke such
permission whenever the superintendent finds, after a reasonable notice
and an opportunity to be heard, that the public interest requires such
revocation.

(c) For the purposes of this subdivision, the terms "subsidiary",
"banking institution" and "bank holding company" shall each be given the
same meaning as is contained in their respective definition in section
one hundred forty-one of this article, except that the definition of the
term "banking institution" is modified to include national bank, federal
savings bank or federal savings association, the principal office of
which institution is located in this state, and a foreign banking
corporation maintaining a branch in this state.

(d) All other restrictions and limitations imposed by this chapter on
executive officers and directors of bank holding companies shall
continue in effect.