Sec. 24.2. Exemptions

A commercial bank shall not be subject to the requirements of this Part if:

(a) it has 500 or more stockholders and files with the superintendent at his New York City office four copies of the annual financial statements required to be filed by such bank with the Board of Governors of the Federal Reserve System or four copies of the annual financial statements required to be filed by such bank with the Federal Deposit Insurance Corporation in accordance with part 335 of title 12 of the regulations of such corporation; or

(b) all of its voting securities, excepting only directors' qualifying shares, are owned, controlled or held with power to vote by a bank holding company as defined in Banking Law, section 141, or by a single corporation; or

(c) all of its voting securities, excepting only directors' qualifying shares, are owned, controlled or held with power to vote by one or more banks, one or more corporations, or a combination of one or more banks and one or more corporations, organized under the laws of a foreign country; or

(d) it is a trust company all of the capital stock of which is owned by 20 or more savings banks.