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Adopted Regulations

Amendment to Part 70 of the General Regulations of the Banking Board
(Interlocking Directors and Officers of Banking Organizations and Bank Holding Companies)

September 12, 2005

PART 70
INTERLOCKING DIRECTORS AND OFFICERS OF BANKING
ORGANIZATIONS AND BANK HOLDING COMPANIES

(Statutory Authority: Banking Law §§ 130[3][b], 143[3][b], 209[3],247[5][b], 399[5][b], 399-a[2])

Section 70.2 shall be amended as follows:

§ 70.2 Exceptions

The Banking Board may, by a three-fifths vote, grant permission to one or more executive officers of any institution or institutions of a type named in Section 70.1 of this Part to be an executive officer, director or trustee, or both an executive officer and a director or trustee, of any other such institution. Such permission may be granted after review by the Banking Board of an application made by such executive officer or officers, or by such an institution which presently has, or is actively considering the election of, one or more such executive officers as an executive officer, director or trustee, or both an executive officer and a director or trustee, of the applying institution. [The Banking Board will express such permission in Special Regulation Part 207.]

Explanatory All Institutions Letter

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