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 97.3(a) to (e) 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.

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 97.3(f) 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.

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 113.2 and 113.3 of Supervisory Procedure CB 113 of this Title.