Title 3 Banking - Chapter I General Regulations of the Superintendent - Part 26 Stock Options - Provisions of Plan - s 26.14 Voidability of plans and options.


Published: 2021-01-31

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If the superintendent shall find at any time that there has been, with respect to any plan approved by him, any violation of any of the provisions of the Banking Law, section 140-a, of this Part, or of the plan, he may declare such plan or any option granted thereunder null and void, and in such event shall so advise the bank and, if appropriate, the optionee, by official communications stating the grounds for such declaration, and specifying the action, if any, to be taken by such bank or optionee to effectuate or carry out such declaration. The superintendent may advise the bank and, if appropriate, the optionee, of the action, if any, to be taken by such bank or optionee to cure the defect.