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SECTION 209
Restrictions on executive officers of foreign banking corporations and national banks
Banking (BNK) CHAPTER 2, ARTICLE 5
§ 209. Restrictions on executive officers of foreign banking
corporations and national banks. 1. No executive officer of a foreign
banking corporation maintaining a branch in this state may be an
executive officer, director or trustee of a bank or trust company,
savings bank, savings and loan association, national bank, federal
savings bank or federal savings association, the principal office of
which institution is located in this state, bank holding company or
another foreign banking corporation maintaining a branch in this state,
unless permission therefor has been granted by the superintendent
pursuant to the provisions of subdivision three of this section, except
that an executive officer of a foreign banking corporation maintaining a
branch in this state which is a subsidiary of a bank holding company may
be (i) an executive officer and (ii) a director of the bank holding
company of which such foreign banking corporation is a subsidiary, and
of one or more of the banking institutions which are subsidiaries of
such bank holding company.

2. No executive officer of a national bank, federal savings bank or
federal savings association, the principal office of which institution
is located in this state, may be an executive officer, director or
trustee of a bank or trust company, savings bank, savings and loan
association, bank holding company or foreign banking corporation
maintaining a branch in this state, unless permission therefor has been
granted by the superintendent pursuant to the provisions of subdivision
three of this section, except that (1) an executive officer of a
national bank located in this state, which is a subsidiary of a bank
holding company may be (i) an executive officer and (ii) a director of
the bank holding company and of one or more banking institutions which
are subsidiaries of such bank holding company.

3. 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 foreign banking corporation maintaining a branch
in this state and to an executive officer of a national bank located in
this state, to be at the same time an executive officer, trustee or
director or both an executive officer and a trustee or director of a
bank or trust company, savings bank, savings and loan association,
national bank, federal savings bank or federal savings association, the
principal office of which is located in this state, bank holding
company, and 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 reasonable notice
and an opportunity to be heard, that the public interest requires such
revocation.

4. 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 chapter, except that the definition of the
term "banking institution" is modified to include a 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.

5. All other restrictions and limitations imposed by this chapter on
executive officers and directors of foreign banking corporations
maintaining a branch in this state and on national banks, federal
savings banks and federal savings associations, the principal office of
which institution is located in this state, shall continue in effect.