N.Y. Comp. Codes R. & Regs. tit. 3 § 401.3

Current through Register Vol. 46, No. 45, November 2, 2024

Section 401.3 - Changes in directors or officers

Within 30 days after a change of any of the executive officers or directors a licensee shall submit to the superintendent, in writing:

(a) the name, address and occupation of each new officer or director and;

(b) provide such other information as may be required by the provisions of article 9 of the Banking Law;

(c) for purposes of this section, the term executive officer means every officer who participates or has authority to participate, otherwise than in the capacity of a director, in major policymaking functions, regardless of whether he or she has an official title or whether such title contains any designation of assistant and regardless of whether he or she is serving without salary or other compensation. The chairman of the board of directors, the president, every vice- president, the secretary, and the treasurer are assumed to be executive officers, unless, by resolution of the board of directors or by the bylaws of the corporation, any such officer is excluded from participation in major policymaking functions, otherwise than in the capacity of a director, and he or she does not actually participate therein.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 401.3