New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT
Part 66 - Reciprocal Interstate Acquisitions Of Savings And Loan Associations
Section 66.5 - Violations
Current through Register Vol. 46, No. 12, March 20, 2024
As provided in Banking Law, section 413, violators of this Part shall be subject to the penalties prescribed in Banking Law, section 142-b, specifically:
(a) If a savings and loan holding company or subsidiary thereof acquires control of an out-of- state savings and loan holding company or insured institution in violation of this Part, the banking board, upon three-fifths vote of all the members thereof, shall have the authority by order to enjoin or restrain such violation, including authority to order the bank holding company or subsidiary to divest any stock acquired in violation of such law. Any savings and loan holding company or subsidiary thereof which is the subject of an order pursuant to this subdivision may at any time within four months of the date of such order apply to the Supreme Court in the judicial district in which its principal office is located for an order setting aside or modifying the order for good cause shown.
(b) A savings and loan holding company or subsidiary, upon order of the Banking Board pursuant to subdivision (a) of this section, shall divest any stock of an insured institution or out- of-state savings and loan holding company that it has acquired in violation of this Part within two years of the date of a divestiture order under subdivision (a) of this section, or within two years after such a divestiture order becomes final and subject to no further judicial review.
