§ 105-B — Trust offices

New York § 105-B

• Jurisdiction: New York
• Law BNK: Banking
• Art. 3: Banks and Trust Companies

Text

§ 105-b. Trust offices. 1. A trust company may establish or acquire\nand maintain one or more trust offices anywhere in this state, or\noutside the state of New York, either in the United States or in foreign\ncountries.\n 2. A trust company seeking to establish or acquire and maintain a\ntrust office shall submit a written notice to the superintendent\ndescribing the proposed activities and such other information as the\nsuperintendent shall request. The notice shall be accompanied by an\ninvestigation fee as prescribed pursuant to section eighteen-a of this\nchapter.\n 3. The trust office may commence operation thirty days after the\nsuperintendent receives such notice, unless the superintendent notifies\nthe trust company in writing within such time period that the office may\nnot commence operation or that additional information or time is\nrequired for the superintendent to consider such notice.\n 4. The superintendent may deny approval of the trust office if the\nsuperintendent finds that the maintenance of such office would not be\nconsistent with the goals set forth in the declaration of policy\ncontained in section ten of this chapter.\n