223-A - Limitations on acquisition of a newly chartered New York bank.

§ 223-a.  Limitations  on  acquisition  of  a newly chartered New York  bank.  An acquisition transaction in which the resulting or consolidated  corporation is an out-of-state bank is hereby prohibited if  the  effect  thereof  is to terminate the separate existence of a banking institution  that has been chartered less than five years, unless the  superintendent  finds  that  the  banking  institution  to be acquired was not chartered  directly or indirectly by the out-of-state bank, its officers, directors  or principal stockholders, or any other person in a position to exercise  control  over  such  out-of-state  bank;  provided,  however,  that  the  prohibitions   contained   in  this  section  shall  not  apply  if  the  superintendent finds that the banking  institution  does  not  have  the  capacity  to  continue to conduct its business independently in a manner  consistent with the public interest and  the  interests  of  depositors,  creditors,  and stockholders; and provided further that the prohibitions  contained in this section shall not apply to an out-of-state bank which,  prior to  the  acquisition  transaction  otherwise  prohibited  by  this  section, lawfully maintained one or more branches in this state.