Sec. 66.3. Acquisitions of New York insured institutions

(a) Subject to the provisions of this Part, an out-of-state savings and loan holding company or subsidiary thereof may acquire control, directly or indirectly, of one or more insured institutions; provided, however, that no such acquisition of control shall be lawful without the prior approval of the superintendent. Any such acquisition of control approved by the superintendent shall not affect the powers or privileges of such insured institution or insured institutions. Any out-of-state savings and loan holding company or subsidiary thereof desiring to acquire control of one or more insured institutions shall file an application in writing with the superintendent and pay the fee specified in section 1.2 of Supervisory Policy G 1 of this Title. The application shall contain such information as the superintendent may deem necessary or appropriate for the purpose of making a determination under this Part. As used in this Part, the term control means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of an insured institution, whether through the ownership of voting stock of such insured institution, the ownership of voting stock of any company which possesses such power, or otherwise. Control shall be presumed to exist if any out-of-state savings and loan holding company or subsidiary thereof, directly or indirectly, owns, controls or holds with power to vote five per centum or more of the voting stock of such insured institution, but no person shall be deemed to control an insured institution solely by reason of being an officer or director of such institution or savings and loan holding company or subsidiary. The superintendent may in his or her discretion, upon the application of an out-of-state savings and loan holding company or subsidiary which, directly or indirectly, owns, controls or holds with power to vote or seeks to own, control or hold with power to vote, any voting stock of such insured institution, determine whether or not the ownership, control or holding of such voting stock would constitute control of such institution for purposes of this Part. No proposed acquisition of control pursuant to this Part shall be approved unless the superintendent finds that:

(1) the statute laws of the jurisdiction in which the operations of the out-of-state savings and loan holding company's insured subsidiaries are principally conducted specifically authorize the direct or indirect acquisition of control of one or more insured institutions in such jurisdiction by a savings and loan holding company or subsidiary thereof, the operations of which savings and loan holding company's insured subsidiaries are principally conducted in this State; or

(2) such statute laws authorize the acquisition of control because the out-of-state savings and loan holding company or subsidiary is authorized by Banking Law, section 413 and this Part to acquire control of and hold shares of insured institutions in this State.

(b) The direct or indirect acquisition of control by a savings and loan holding company or subsidiary thereof, under such statute laws, shall not affect the powers or privileges of the insured institution over which control is obtained, nor shall any such acquisition be subject to conditions or restrictions materially limiting the ability of a savings and loan holding company or subsidiary thereof to acquire insured institutions generally in such jurisdiction if such conditions or restrictions would not apply with equal effect to the acquisition of insured institutions in such jurisdiction by an out-of-state savings and loan holding company, or subsidiary thereof, which out-of- state savings and loan holding company or subsidiary conducts it principal banking business in such jurisdiction.

(c) Any out-of-state savings and loan holding company or subsidiary which proposes to acquire control of one or more insured institutions pursuant to the provisions of this article shall provide to the superintendent a copy of any original application to the applicable Federal regulatory agency for approval of such action, and a copy of any supplemental material or subsequent amendments thereto, at the same time the application, supplemental material or amendment is transmitted to such agency.

(d) An insured institution acquired pursuant to this subdivision may be either a newly organized institution, which at the time of acquisition has not commenced any part of its banking business, or an institution currently conducting banking business in this State.

(e) Any out-of-state savings and loan holding company or subsidiary which acquires control of an insured institution pursuant to the provisions of this Part shall file with the superintendent copies of all regular and periodic reports which such out-of-state savings and loan holding company is required to file under section 13 or 15(d) of the Securities and Exchange Act of 1934, as amended, excluding any portions not available to the public.