N.Y. Comp. Codes R. & Regs. tit. 3 § 305.3

Current through Register Vol. 46, No. 25, June 18, 2024

Section 305.3 - Superintendent's determination

(a) No more than one third of the entire board of directors of any bank or trust company with capital stock, surplus fund and undivided profits (as shown on the most recent call report of condition filed with the superintendent) in excess of $50,000,000 shall be active officers or employees of such institution.

(b) No more than one half of the entire board of directors of any bank or trust company with capital stock, surplus fund and undivided profits in excess of $7,500,000, but less than $50,000,000 shall be active officers or employees of such institution.

(c) Any bank or trust company with capital stock, surplus fund and undivided profits in excess of $7,500,000, but less than $50,000,000, with more than one half of its board as active officers or directors at the time this regulation takes effect, shall have until its 1988 annual meeting to comply with this threshold.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 305.3