§ 399-a. Restrictions on holding of certain offices by executive
officers of federal savings banks and federal savings associations. 1.
No executive officer of a 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 savings and
loan association, bank or trust company, savings bank, bank holding
company or foreign banking corporation maintaining a branch in this
state, unless permission therefor has been granted by the superintendent
pursuant to subdivision two of this section, provided, however, that an
executive officer of a federal savings and loan association located in
this state, who on the effective date of this section is an executive
officer, director or trustee of a savings and loan association, bank or
trust company, savings bank, bank holding company or foreign banking
corporation maintaining a branch in this state, may continue to hold
such other office without permission from the superintendent, until the
expiration of the term of such office or the close of business on the
last day of December, nineteen hundred seventy-four, whichever occurs
sooner.

2. 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 federal savings bank or federal savings
association located in this state, to be at the same time an executive
officer, director or trustee, or both an executive officer and a
director or trustee of a savings and loan association, bank or trust
company, savings bank, 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.

3. For the purposes of this subdivision, the term "bank holding
company" shall be given the same meaning as is contained in section one
hundred forty-one of this chapter, and 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.

4. All other restrictions and limitations imposed by this chapter on
executive officers and directors of federal savings and loan
associations located in this state, shall continue in effect.