§ 150 — Definitions

New York § 150

• Jurisdiction: New York
• Law BNK: Banking
• Art. 3-B: Subsidiary Trust Companies

Text

§ 150. Definitions. 1. "Subsidiary trust company", when used in this\narticle, means a trust company which is subject to the provisions of\nthis article.\n 2. "Bank holding company" and "subsidiary", when used in this article,\nshall each have the same meaning specified in section one hundred\nforty-one of this chapter.\n 3. "Owning bank holding company", when used in this article with\nrespect to a subsidiary trust company, means the bank holding company\nwhich owns all of the outstanding voting stock of such subsidiary trust\ncompany.\n 4. When used in this article, an "affiliated bank" or "affiliated\ntrust company" of a subsidiary trust company means any bank, trust\ncompany, savings bank, savings and loan association, national bank,\nfederal savings bank, federal savings association, or out-of-state state\nbank (as such term is defined in section two hundred twenty-two of this\nchapter), or such other banking institution as the superintendent of\nfinancial services may permit specifically or by general rule or\nregulation, which is a subsidiary of the bank holding company which owns\nsuch subsidiary trust company.\n 5. "Trust office", when used in this article with respect to a\nsubsidiary trust company, means an office of the subsidiary trust\ncompany maintained for the purpose of conducting its business.\n 6. "Trust officer", when used in this article with respect to a trust\ncompany which is not a subsidiary trust company, means an office\nmaintained solely for the purpose of conducting business relating to the\nexercise of its fiduciary powers.\n