N.Y. Comp. Codes R. & Regs. tit. 3 § 85.3

Current through Register Vol. 46, No. 53, December 31, 2024

Section 85.3 - Investment procedures

Any capital investment in either de novo or existing service corporations by savings banks or savings and loan associations shall be made in accordance with the procedures contained in this section.

(a) Prior notice. Savings banks and savings and loan associations which seek to make a capital investment in a service corporation which will engage in any of the activities listed in section 85.2(b)(1)-(14) of this Part, shall notify the superintendent, in writing, of such intention not less than 45 days prior to making such investment. If the superintendent does not object, in writing, within 45 days after receipt of a completed notice, the savings bank or savings and loan association may make the contemplated investment.

(b) Application to Banking Board. Savings banks and savings and loan associations which seek to make a capital investment in a service corporation which will engage in any activity requiring the specific approval of the Banking Board shall submit a written application therefor. The Banking Board may approve such application by a three-fifths vote of all its members.

(c) Information required. Savings banks and savings and loan associations which give the superintendent notice as specified in subdivision (a) of this section or make application to the Banking Board as specified in subdivision (b) of this section shall, together with such notice or application, as the case may be, submit the information required to be submitted by a bank or trust company in accordance with sections 113.2 and 113.3 of Supervisory Procedure CB 113 of this Title.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 85.3