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Can you summarize 3 NYCRR Part 16?
General Regulations of the Superintendent > Certain Mergers and Acquisitions of Assets Involving Banking Institutions
Short Summary
This legal document, part of the New York Codes, Rules and Regulations, governs various types of mergers and acquisitions involving banking institutions. It authorizes mergers between stock-form thrift institutions, between stock-form thrift institutions and commercial banks, between mutual thrift institutions and stock-form thrift institutions or commercial banks (subject to certain conditions), between stock-form thrift institutions and Federal thrift institutions or national banks, between mutual thrift institutions and Federal thrift institutions or national banks (subject to certain conditions), between commercial banks and Federal thrift institutions, and between investment companies and commercial banks or national banks. The document also authorizes acquisitions of all or a substantial part of the assets of banking institutions by various entities, including stock-form savings banks, stock-form savings and loan associations, mutual savings banks, mutual savings and loan associations, Federal thrift institutions, national banks, and investment companies. The document specifies the approval procedures for mergers and acquisitions, including the involvement of boards of directors, stockholders, trustees, and depositors. Additionally, it outlines the requirements for conversions from mutual to stock form and the necessary approvals for such conversions. The document also addresses the submission of certificates certifying compliance with Federal law for certain mergers and acquisitions. Finally, the document includes provisions for the authorization of mergers and disposals in cases where the superintendent determines that a mutual thrift institution is unable to meet its obligations or is in an unsafe and unsound condition. Overall, this document governs the processes and conditions for authorized transactions related to mergers and acquisitions in the banking industry.
Whom does it apply to?
Stock-form thrift institutions, commercial banks, mutual thrift institutions, Federal thrift institutions, national banks, investment companies
What does it govern?
Authorized mergers and acquisitions involving banking institutions, conversions from mutual to stock form, submission of certificates certifying compliance with Federal law for certain mergers and acquisitions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New York