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Can you summarize 3 NYCRR Part 25?
General Regulations of the Superintendent > Meetings of Stockholders of Certain Commercial Banks
Short Summary
This legal document governs the meetings of stockholders of certain commercial banks in the state of New York. It requires that any notice to stockholders, which requires the approval of the superintendent, must be approved in writing by the superintendent before being communicated to stockholders. If a proposed notice is approved by the superintendent before August 1 of any calendar year, the corporate banking organization must hold a meeting for the election of directors and other business within two months of the approval. This meeting will be deemed to have been held in compliance with the requirements of section 6002(2) of the Banking Law. However, if no proposed notice is approved before August 1, the requirements of section 6002(2) will not apply for that calendar year. The superintendent’s approval of a proposed notice is based on factors such as the nature of the order issued to the banking organization, the condition of the organization, and the results of any examination or investigation conducted by the superintendent. The superintendent will only approve a proposed notice if it is found that full disclosure can be made to stockholders while protecting the public interest, as well as the interests of depositors, creditors, and stockholders. The document also authorizes the superintendent to require a banking organization to submit any proposed notice to stockholders, solicitation of proxies, or other communication to stockholders for prior approval, if an order has been issued to the organization pursuant to section 39 of the Banking Law. The document does not specify any penalties or exemptions.
Whom does it apply to?
Corporate banking organizations in the state of New York
What does it govern?
Meetings of stockholders of certain commercial banks
What are exemptions?
If no proposed notice to stockholders is approved prior to August 1 of any calendar year, the requirements of section 6002(2) of the Banking Law shall not apply for that calendar year.
What are the Penalties?
No specific penalties are mentioned in the document.
Jurisdiction
New York