§ 519. Acquisition of control of investment companies. 1. Subject to\nsuch regulations as the superintendent may prescribe, prior to the\nacquisition of control of an investment company by means of the\nacquisition of the capital stock or equity interests in such investment\ncompany or in any company which directly or indirectly controls such\ninvestment company, the acquiring company shall make written application\nto the superintendent for permission to acquire such control. Such\napplication shall be in such form and shall contain such information as\nthe superintendent may require and such applicant, at the time of making\nsuch application, shall pay to the superintendent an investigation fee\nas prescribed pursuant to section eighteen-a of this chapter.\n The superintendent shall disapprove the proposed exercise of control\nof an investment company if, after notice to and an opportunity to be\nheard by the applicant and such investment company, he finds the\nacquisition of control therein contrary to law or determines that\ndisapproval is reasonably necessary to protect the interests of the\npeople of this state. In making such determination, the superintendent\nshall only consider (a) whether the character, responsibility and\ngeneral fitness of the company which seeks to control such investment\ncompany are such as to command confidence and warrant belief that the\nbusiness of such investment company will be honestly and efficiently\nconducted in a manner consistent with the public interest, the interests\nof depositors and creditors of such investment company, and (b) whether\nthe exercise of control may impair the safe and sound conduct of the\nbusiness of such investment company, the conservation of its assets or\npublic confidence in its business. Unless the superintendent shall have\ndenied such application in writing within ninety days of the filing\nthereof, or shall have advised the applicant in writing before the\nexpiration of ninety days of his determination to extend such period an\nadditional sixty days, such application shall be deemed approved.\n As used in this subdivision one, the term "control" means the\npossession, directly or indirectly, of the power to direct or cause the\ndirection of the management and policies of a person, whether by means\nof the ownership of the voting stock or equity interests of such person\nor of one or more persons controlling such person, by means of a\ncontractual arrangement, or otherwise. Control shall be presumed to\nexist if any company, directly or indirectly, owns, controls or holds\nwith the power to vote ten per centum or more of the voting stock of any\ninvestment company or of any company which owns, controls or holds with\npower to vote ten per centum or more of the voting stock of such\ninvestment company, but no person shall be deemed to control an\ninvestment company solely by reason of his being an officer or director\nof such investment company. The superintendent may in his discretion,\nupon the application of an investment company or any company which,\ndirectly or indirectly, owns, controls or holds with power to vote or\nseeks to own, control or hold with power to vote any voting stock of\nsuch investment company, determine whether or not the ownership, control\nor holding of such voting stock constitutes or would constitute control\nof such investment company for purposes of this section.\n The provisions of this subdivision shall not apply to (1) a company\nwhich has submitted a plan of acquisition to the superintendent pursuant\nto subdivision two of this section or (2) any action taken pursuant to\narticle thirteen of this chapter.\n 2. Any company, whether or not it is in control of the business of an\ninvestment company as provided in subdivision one of this section, which\ndesires to acquire all, or substantially all of the capital stock of an\ninvestment company shall, together with such investment company, submit\nin duplicate to the supe
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