New York § 413 - 413Reciprocal interstate acquisitions
Full text of New York New York Consolidated Laws § 413 — 413Reciprocal interstate acquisitions, with citation guidance and answers to common questions.
§ 413. 413Reciprocal interstate acquisitions
§ 413. Reciprocal interstate acquisitions. 1. With the prior approval of the superintendent, a New York savings and loan holding company or a subsidiary thereof or a New York savings association may acquire control of an out-of-state savings and loan holding company or an out-of-state savings association, and an out-of-state savings and loan holding company or a subsidiary thereof or an out-of-state savings association may acquire control of a New York savings and loan holding company or a New York savings association subject to regulations to be adopted by the superintendent of financial services. The terms and conditions prescribed by such regulations shall be substantially similar to those contained in section one hundred forty-two-b of this chapter governing reciprocal interstate acquisitions by bank holding companies. 2. For the purposes of this section: (a) the term "savings association" shall have the same meaning as in section 10 of an Act of Congress entitled Home Owners Loan Act as amended from time to time; (b) the term "savings and loan holding company" shall have the same meaning as in section 10 of an Act of Congress entitled Home Owners Loan Act as amended from time to time; (c) the term "New York savings association" shall mean a savings association whose principal office is located in this state and the term "out-of-state savings association" shall mean a savings association whose principal office is located in a state other than this state or the District of Columbia; and (d) the term "New York savings and loan holding company" shall mean a savings and loan holding company which controls one or more New York savings associations and the term "out-of-state savings and loan holding company" shall mean a savings and loan holding company other than a New York savings and loan holding company which conducts its principal banking business in a state other than this state or the District of Columbia. The jurisdiction in which an out-of-state savings and loan holding company conducts its principal banking business is that state or the District of Columbia in which the total deposits of such company and its banking subsidiaries are largest.
Frequently Asked Questions About New York § 413
What does New York Consolidated Laws § 413 cover?
Section 413 ("413Reciprocal interstate acquisitions") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 413?
A common citation format is "New York Consolidated Laws § 413" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 413 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.