Section 399-A. Restrictions on holding of certain offices by executive officers of federal savings and loan associations

1.  No  executive  officer  of a federal savings and loan association located in this state
  may be an executive officer, director or trustee of a savings  and  loan
  association,  bank  or trust company, savings bank, bank holding company
  or foreign banking corporation  maintaining  a  branch  in  this  state,
  unless  permission  therefor  has  been  granted  by  the  banking board
  pursuant to subdivision two of this section, except  that  an  executive
  officer  of a federal savings and loan association located in this state
  may be (1) an executive officer and (2) a director of  a  trust  company
  owned  by  savings  and  loan  associations  or federal savings and loan
  associations located in this state, pursuant to  section  three  hundred
  seventy-nine-a of this chapter, if one of the stockholders of such trust
  company  is  the  federal savings and loan association of which he is an
  executive officer; provided, however, that,  except  as  stated  in  the
  foregoing exceptions, an executive officer of a federal savings and loan
  association located in this state, who on the effective date of this act
  is  an  executive  officer,  director  or  trustee of a savings and loan
  association, bank or trust company, savings bank, bank  holding  company
  or  foreign  banking corporation maintaining a branch in this state, may
  continue to hold such other office without permission from  the  banking
  board,  until  the expiration of the term of such office or the close of
  business on the last day of  December,  nineteen  hundred  seventy-four,
  whichever occurs sooner.
    2.  The  banking board shall have the power to determine by regulation
  who shall be considered, under the provisions of this subdivision, to be
  an executive officer, and by a general or specific  regulation,  upon  a
  three-fifths  vote  of  all  its  members,  to  grant  permission  to an
  executive officer of a federal savings and loan association  located  in
  this  state,  to  be  at the same time an executive officer, director or
  trustee, or both an executive officer and a director  or  trustee  of  a
  savings  and loan association, bank or trust company, savings bank, bank
  holding company, and foreign banking corporation maintaining a branch in
  this state. Such permission may be granted only if in  the  judgment  of
  the  banking  board  such  service  by  the  executive  officer  will be
  consistent with the policy of the state  of  New  York  as  declared  in
  section  ten  of this chapter. The banking board shall have the power to
  revoke  such  permission  by  a  like  vote  whenever  it  finds,  after
  reasonable  notice  and  an  opportunity  to  be  heard, that the public
  interest requires such revocation.
    3. For the purposes  of  this  subdivision,  the  term  "bank  holding
  company"  shall be given the same meaning as is contained in section one
  hundred forty-one  of  this  chapter,  except  that  the  definition  is
  modified  by  deleting the phrase "each of two or more" and substituting
  the word "institution" for "institutions", and  the  definition  of  the
  term  "banking  institution"  is  modified  to include a foreign banking
  corporation maintaining a branch in this state.
    4. All other restrictions and limitations imposed by this  chapter  on
  executive   officers   and   directors   of  federal  savings  and  loan
  associations located in this state, shall continue in effect.