Legislation
SECTION 600
Merger; when authorized
Banking (BNK) CHAPTER 2, ARTICLE 13
§ 600. Merger; when authorized. The following mergers are hereby
authorized:
(1) One or more corporations organized under the laws of this state
and subject to the provisions of article three, article eight, article
eleven or article twelve of this chapter with another corporation
subject to the provisions of the same article.
(2) One or more mutual savings banks with another mutual savings bank.
(3) One or more mutual savings and loan associations with another
mutual savings and loan association.
(4) One or more mutual savings and loan associations with one or more
mutual savings banks.
(5) One or more safe deposit companies with a bank or trust company.
(6) One or more banks, trust companies, stock-form savings banks or
stock-form savings and loan associations, with one or more out-of-state
banks or out-of-state trust companies as such terms are defined in
section two hundred twenty-two of this chapter.
(7) One or more subsidiaries or affiliates of a bank, trust company,
savings bank or savings and loan association, which are not a bank,
trust company, savings bank or savings and loan association, as those
terms are defined in section two of this chapter, with the bank, trust
company, savings bank or savings and loan association of which it is a
subsidiary or affiliate, as the superintendent of financial services
shall approve and enter on its records; provided, however, that nothing
in this subdivision shall be deemed to authorize a bank, trust company,
savings bank or savings and loan association to exercise any power or
engage in any activity that it may not exercise or engage in pursuant to
this chapter. The superintendent of financial services may promulgate
such regulations as he or she deems necessary and proper to implement
and define the provisions of this subdivision. Nothing in this
subdivision shall alter, affect or impair any regulation or resolution
adopted, or that may be adopted, by the superintendent of financial
services, pursuant to section twelve-a or former sections fourteen-g or
fourteen-h of this chapter.
(8) Such other mergers between and among banking institutions as the
superintendent of financial services may authorize. The superintendent
may promulgate such regulations as he or she deems necessary and proper
to implement and define the provisions of this paragraph.
authorized:
(1) One or more corporations organized under the laws of this state
and subject to the provisions of article three, article eight, article
eleven or article twelve of this chapter with another corporation
subject to the provisions of the same article.
(2) One or more mutual savings banks with another mutual savings bank.
(3) One or more mutual savings and loan associations with another
mutual savings and loan association.
(4) One or more mutual savings and loan associations with one or more
mutual savings banks.
(5) One or more safe deposit companies with a bank or trust company.
(6) One or more banks, trust companies, stock-form savings banks or
stock-form savings and loan associations, with one or more out-of-state
banks or out-of-state trust companies as such terms are defined in
section two hundred twenty-two of this chapter.
(7) One or more subsidiaries or affiliates of a bank, trust company,
savings bank or savings and loan association, which are not a bank,
trust company, savings bank or savings and loan association, as those
terms are defined in section two of this chapter, with the bank, trust
company, savings bank or savings and loan association of which it is a
subsidiary or affiliate, as the superintendent of financial services
shall approve and enter on its records; provided, however, that nothing
in this subdivision shall be deemed to authorize a bank, trust company,
savings bank or savings and loan association to exercise any power or
engage in any activity that it may not exercise or engage in pursuant to
this chapter. The superintendent of financial services may promulgate
such regulations as he or she deems necessary and proper to implement
and define the provisions of this subdivision. Nothing in this
subdivision shall alter, affect or impair any regulation or resolution
adopted, or that may be adopted, by the superintendent of financial
services, pursuant to section twelve-a or former sections fourteen-g or
fourteen-h of this chapter.
(8) Such other mergers between and among banking institutions as the
superintendent of financial services may authorize. The superintendent
may promulgate such regulations as he or she deems necessary and proper
to implement and define the provisions of this paragraph.