Section 143. Limitations on directors, officers and employees

2.  Every  director  of  a  bank  holding  company who is contingently
  obligated on any loan or other extension of credit  made  by  a  banking
  subsidiary  of  the  bank holding company of which he is a member of the
  board of directors to any other individual, partnership,  unincorporated
  association  or  corporation,  shall  file  a statement of his financial
  condition with such bank holding company at least once in each year  and
  at  such other times as the superintendent may require. This subdivision
  two shall not apply with respect  to  directors  whose  obligations  are
  secured  by  collateral  having  an ascertained market value of at least
  fifteen per centum more than the amount of such obligations.
    3. (a) No executive officer of  a  bank  holding  company  may  be  an
  executive  officer  or  director of another bank holding company or of a
  bank or trust company,  savings  bank,  savings  and  loan  association,
  national   bank   located  in  this  state,  federal  savings  and  loan
  association  located  in  this  state  or  foreign  banking  corporation
  maintaining  a branch in this state, unless permission therefor has been
  granted by the banking board pursuant to the provisions of paragraph (b)
  of this subdivision, except that an executive officer of a bank  holding
  company  may  be  (i) an executive officer and (ii) a director of one or
  more  banking  institutions  or  bank  holding   companies   which   are
  subsidiaries  of  such  bank holding company; provided, however, that an
  executive officer of a bank holding company, who on the  effective  date
  of  this act is an executive officer or director of another bank holding
  company or of a bank or trust company, or of a savings bank, savings and
  loan association, national bank located in this state,  federal  savings
  and   loan   association  located  in  this  state  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.
    (b) 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 bank holding company to be at the same time an
  executive officer, director or trustee or both an executive officer  and
  a  director or a trustee of another bank holding company or of a bank or
  trust company, savings bank, savings and loan association, national bank
  located in this state, federal savings and loan association  located  in
  this  state  or 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 a  reasonable  notice
  and  an  opportunity to be heard, that the public interest requires such
  revocation.
    (c) For the purposes of  this  subdivision,  the  terms  "subsidiary",
  "banking institution" and "bank holding company" shall each be given the
  same  meaning  as is contained in their respective definition in section
  one hundred forty-one of this chapter, except  that  the  definition  of
  "bank  holding  company" 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.

    (d)  All other restrictions and limitations imposed by this chapter on
  executive  officers  and  directors  of  bank  holding  companies  shall
  continue in effect.