N.Y. Comp. Codes R. & Regs. tit. 3 § 117.2

Current through Register Vol. 46, No. 43, October 23, 2024

Section 117.2 - Definitions

For purposes of this Supervisory Procedure:

(a) Affiliate means any person that directly or indirectly, through one or more intermediaries, controls, or is controlled by or is under common control with the person specified.

(b) One-bank holding company means a company:

(1) formed by only those persons who control a banking institution for the purpose of holding the stock of such banking institution, which shall be the only banking subsidiary of such company;

(2) which owns, controls or holds with power to vote all of the voting securities, except directors' qualifying shares of such banking institution;

(3) which is required to file an application with the Board of Governors of the Federal Reserve System under the Federal Bank Holding Company Act of 1956, as amended; and

(4) which is required to file an application under Banking Law, section 143-b.

(c) Banking institution refers to the banking institution control of which is sought to be exercised by the applicant.

(d) Banking organization means a State-chartered, Federally-chartered or foreign bank, trust company, private bank, investment company, banking association or bank holding company.

(e) Control means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a banking institution or other company, whether through the ownership of voting stock of such banking institution or other company, the ownership of voting stock of any company which possesses such power, by contract or otherwise. Control shall be presumed to exist if any person directly or indirectly, owns, controls or holds with the power to vote 10 percent or more of the voting stock of any banking institution or other company or of any company which owns, controls or holds with power to vote 10 percent or more of the voting stock of such banking institution or other company, but no person shall be deemed to control a banking institution or other company solely by reason of his being an officer or director of such banking institution or company.

(f) Person means a corporation, partnership, association or other business entity or a trust or an individual.

(g) Subsidiary means any company, a majority of whose voting stock is directly or indirectly owned, controlled or held with power to vote, by an applicant or by any company owned or controlled by an applicant.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 117.2

Adopted, New York State Register October 1, 2014/Volume XXXVI, Issue 39, eff. 10/1/2014