2010 New York Code
BNK - Banking
Article 5 - (200 - 209) FOREIGN BANKING CORPORATIONS AND NATIONAL BANKS
209 - Restrictions on executive officers of foreign banking corporations and national banks.

§ 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  banking board
  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 banking board 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  banking board 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 a general or specific  regulation,  upon  a
  three-fifths  vote  of  all  its  members,  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
  banking  board  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  banking  board  shall have the power to revoke such
  permission by a like vote whenever it 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.