N.Y. Comp. Codes R. & Regs. tit. 3 § 307.2

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

Section 307.2 - Prerequisite requirements

Unless the superintendent in his/her discretion provides otherwise, an institution described in section 307.1 of this Part shall be eligible to have its board of directors take actions authorized by its organization certificate or by-laws by unanimous written consent except as specified in section 307.3 of this Part, provided that the institution:

(a) is well capitalized (within the meaning of title 12, Code of Federal Regulations[FN*] section 325.103[b][1] );

(b) is well managed (within the meaning of title 12, Code of Federal Regulations* section 362.17[e] ). Any non-depository institution will be considered well managed if it is in satisfactory condition as determined upon examination by the superintendent. In the case of an institution that has not been examined by the superintendent, such institution will be considered well managed upon a finding by the superintendent of managerial resources that the superintendent determines satisfactory; and

(c) has been in existence for more than five years.

[FN*] For information regarding the United States Code (USC or U.S.C.), the Code of Federal Regulations (CFR) and the Federal Register, see Supervisory Policy G 1.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 307.2