Legislation
SECTION 201-C
Notice of acquisition of control or merger
Banking (BNK) CHAPTER 2, ARTICLE 5
§ 201-c. Notice of acquisition of control or merger. 1. A foreign
banking corporation licensed pursuant to article two of this chapter to
maintain a branch or agency in this state shall file with the
superintendent a notice, in such form and containing such information as
the superintendent may prescribe, no later than fourteen calendar days
after such foreign banking corporation becomes aware of any acquisition
of control of such corporation or merges with another foreign banking
corporation.
2. Control, for purposes of this section, means any person or entity,
or group of persons or entities acting in concert, directly or
indirectly, owning, controlling or holding with power to vote,
twenty-five percent or more of any class of voting stock of such foreign
banking corporation, or having the ability in any manner to elect a
majority of the directors of such foreign banking corporation, or
otherwise exercising a controlling influence over the management and
policies of such foreign banking corporation as defined by the
superintendent by regulation.
banking corporation licensed pursuant to article two of this chapter to
maintain a branch or agency in this state shall file with the
superintendent a notice, in such form and containing such information as
the superintendent may prescribe, no later than fourteen calendar days
after such foreign banking corporation becomes aware of any acquisition
of control of such corporation or merges with another foreign banking
corporation.
2. Control, for purposes of this section, means any person or entity,
or group of persons or entities acting in concert, directly or
indirectly, owning, controlling or holding with power to vote,
twenty-five percent or more of any class of voting stock of such foreign
banking corporation, or having the ability in any manner to elect a
majority of the directors of such foreign banking corporation, or
otherwise exercising a controlling influence over the management and
policies of such foreign banking corporation as defined by the
superintendent by regulation.