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This entry was published on 2014-09-22
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SECTION 601-B
Approval or disapproval of merger or purchase of assets
Banking (BNK) CHAPTER 2, ARTICLE 13
§ 601-b. Approval or disapproval of merger or purchase of assets. 1.
The superintendent shall approve or disapprove of a proposed merger as
authorized by section six hundred of this chapter or a proposed
acquisition of all or a substantial part of the assets of any banking
organization as authorized by section six hundred one-a of this chapter,
as the case may be, within one hundred twenty days after the submission
of the proposed plan thereof to him. In determining whether to so
approve, the superintendent shall take into consideration (i) the
declaration of policy contained in section ten of this chapter, (ii)
whether the effect of such merger or acquisition shall be either to
expand the size or extent of the resulting or acquiring institution
beyond limits consistent with adequate and sound banking and the
preservation thereof or result in a concentration of assets beyond
limits consistent with effective competition, (iii) whether such merger
or acquisition may result in such a lessening of competition as to be
injurious to the interests of the public or tend toward monopoly and
(iv) primarily, the public interest and the needs and convenience
thereof. If the superintendent shall approve such proposed merger or
acquisition, he shall file the plan, together with such certificates and
the original of the approval of the superintendent, in the office of the
superintendent, and, in the case of merger, a duplicate of the plan,
together with a duplicate of each of such certificates and a duplicate
of the superintendent's approval, shall be filed in the office of the
clerk of the county in which the principal office of the receiving
corporation is located. Upon such filing in the office of the
superintendent, the merger or acquisition shall become effective, unless
a later date is specified in the plan, in which event the merger or
acquisition shall become effective upon such later date.