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Permission for Interlocking Directors and Officers

UNOFFICIAL COPY: 3 NYCRR - Ch. I Part 70 -- Interlocking Directors And Officers Of Banking Organizations And Bank Holding Companies
(Statutory authority: Banking Law, §§ 130[3][b], 143[3][b], 209[3], 247[5][b], 399[5][b], 399-a[2])

Sec.

70.1 Definitions 70.2 Exceptions

History: Part (§§ 70.1 - 70.2) filed May 14, 1973 eff. May 9, 1973.

3 NYCRR - § 70.1 -- Definitions.

The term executive officer as defined in this Part means each officer of a bank, trust company, bank holding company, foreign banking corporation, national bank, savings bank, savings and loan association or Federal savings and loan association who participates or has authority to participate in major policymaking functions of the institutions, regardless of whether he has an official title or whether his title contains a designation of assistant, and regardless of whether he is serving without salary or other compensation, provided that the chairman of the board of directors, the president, each vice-president, the cashier, the secretary and the treasurer are presumed to be executive officers, unless, by resolution of the board of directors or board of trustees, or by the bylaws of such institutions, any such officer is excluded from participation in major policymaking functions, and does not actually participate therein.

History: Sec. filed May 14, 1973 eff. May 9, 1973.

3 NYCRR - § 70.2 -- Exceptions.

The Banking Board may, by a three-fifths vote, grant permission to one or more executive officers of any institution or institutions of a type named in section 70.1 of this Part to be an executive officer, director or trustee, or both an executive officer and a director or trustee, of any other such institution. Such permission may be granted after review by the Banking Board of an application made by such executive officer or officers, or by such an institution which presently has, or is actively considering the election of, one or more such executive officers as an executive officer, director or trustee, or both an executive officer and a director or trustee, of the applying institution. The Banking Board will express such permission in Special Regulation Part 207.

History: Sec. filed May 14, 1973; amd. filed June 22, 1973 eff. June 12, 1973.