New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter III - SUPERINTENDENT'S REGULATIONS
Subchapter B - NON-BANKING ORGANIZATIONS
Part 402 - Budget Planners
Section 402.8 - Reports of changes in directors, bylaws and certificate of incorporation of licensee
Current through Register Vol. 46, No. 12, March 20, 2024
(a) The licensee shall notify the superintendent in writing, within 10 days of the following:
Any new director or individual shall also furnish a resume. The superintendent may request other information and documentation from the licensee in determining whether to approve any such director or individual. If the superintendent objects to any new director or individual, the superintendent shall notify the licensee of such objection setting forth the reasons therefor.
(b) If the superintendent finds that a proposed new director, who is not a control party, fails to meet the standards set forth in section 581 of the New York Banking Law, the superintendent may prohibit such person from serving in any capacity on behalf of the licensee or, in the case of an application for a change of control, deny such application. The superintendent may request other information and documentation from the licensee in determining whether to approve any such director. If the superintendent objects to any new director, the superintendent shall notify the licensee of such objection setting forth the reasons therefor.
(c) The licensee shall submit to the superintendent changes to its bylaws or certificate of incorporation within 30 days of such change.