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Wild Card Approvals

Resolution

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WHEREAS, pursuant to Section 12-a of the Banking Law, the Banking Board may, upon recommendation of the Superintendent, adopt a resolution authorizing one or more state chartered banking institutions to exercise a federally permitted power (as such term is used in Section 12-a), subject to such terms and conditions as the Superintendent shall find necessary and appropriate and as the Board shall approve; and

WHEREAS, Title 12, United States Code, Sections 59 and 83, and Title 12 Code of Federal Regulations, Section 7.2020 permit a national bank to purchase and hold its outstanding stock to the extent and in the circumstances specified therein; and

WHEREAS, the Superintendent has recommended that the Banking Board adopt a resolution authorizing one or more state-chartered banks and trust companies to purchase and hold their outstanding stock to the same extent and subject to the same conditions as permitted for national banks pursuant to Title 12, United States Code, Sections 59 and 83, and Title 12 Code of Federal Regulations, Section 7.2020; and

WHEREAS, such recommendation has been posted upon the bulletin board of the Banking Department pursuant to Section 42 of the Banking Law for at least 30 days; and

WHEREAS, the Banking Board hereby finds that approval of such recommendation is consistent with the policy of the State of New York as declared in section 10 of the Banking Law and thereby protects the public interest, including the interests of depositors, creditors, shareholders, stockholders and consumers, and is necessary to achieve or maintain parity between banks and trust companies and national banks with respect to rights, powers, privileges, benefits, activities, loans, investments or transactions; and

WHEREAS, the Superintendent has submitted information and his recommendations to the Banking Board.

NOW, THEREFORE, BE IT RESOLVED THAT

This Board, pursuant to Section 12-a of the Banking Law hereby authorizes state-chartered banks and trust companies to purchase and hold their outstanding stock to the same extent and subject to the same conditions as permitted for national banks pursuant to Title 12, United States Code, Sections 59 and 83, and Title 12 Code of Federal Regulations, Section 7.2020, as in effect as of the date of this resolution.

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