Any capital investment in credit union organizations shall be
made in accordance with the procedures contained in this section.
Prior notice. Credit unions which seek to
make a capital investment in a credit union organization which will engage in
any of the activities listed in section
of this Part shall notify the
superintendent, in writing, of such intention not less than 45 days prior to
making such investment. If the superintendent does not object, in writing,
within 45 days after receipt of a completed notice, the credit union may make
the contemplated investment. The superintendent may object to such investment
if it is found that it is not consistent with the purposes and intent of
article 11 of the Banking Law.
Application to superintendent. Credit unions which seek to make a capital
investment in a credit union organization which will engage in any activity
requiring the specific approval of the superintendent under section
of this Part shall submit a written application therefor. This application
shall include a full explanation and complete documentation of the activity and
how that activity is associated with the daily operations of the credit union.
The superintendent shall approve such application if it is found that the
activity is consistent with the purposes and intent of article 11 of the
Banking Law and such approval may contain any restrictions and limitations as
are deemed necessary. If written approval of the application is not given
within 45 days of receipt of all of the information required by this Part, such
application shall be deemed denied.
Information required. Credit unions which
give the superintendent notice as specified in subdivision (a) of this section
or make application to the superintendent as specified in subdivision (b) of
this section shall, together with such notice or application, as the case may
be, submit the information required to be submitted by a bank or trust company
in accordance with sections
Supervisory Procedure CB 113 of this Title.