Section 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 New York  bank  that
  has been chartered less than five years, unless the superintendent finds
  that  the  New  York  bank  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 New York bank 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.