§ 200 — When foreign banking corporation may transact business in this state

New York § 200

• Jurisdiction: New York
• Law BNK: Banking
• Art. 5: Foreign Banking Corporations and National Banks

Text

§ 200. When foreign banking corporation may transact business in this\nstate. No foreign banking corporation, other than a bank organized under\nthe laws of the United States, shall transact in this state the business\nof buying, selling, paying or collecting bills of exchange, or of\nissuing letters of credit or of receiving money for transmission or\ntransmitting the same by draft, check, cable or otherwise, or of making\nloans, or of receiving deposits, or of exercising the fiduciary powers\nspecified in section two hundred one-b of this chapter, or transacting\nany part of such business, or maintaining in this state its initial\nagency or branch for carrying on such business, or any part thereof,\nunless such corporation shall have:\n 1. Been authorized by its charter to carry on such business and shall\nhave complied with the laws of the state or country under which it is\nincorporated;\n 2. Furnished to the superintendent such proof as to the nature and\ncharacter of its business and as to its financial condition as he may\nrequire;\n 3. Filed in the office of the superintendent (a) a duly executed\ninstrument in writing, by its terms of indefinite duration and\nirrevocable, appointing the superintendent and his or her successors its\ntrue and lawful attorney, upon whom all process in any action or\nproceeding against it on a cause of action arising out of a transaction\nwith its New York agency or agencies or branch or branches, may be\nserved with the same force and effect as if it were a domestic\ncorporation and had been lawfully served with process within the state\nand (b) a written certificate of designation, which may be changed from\ntime to time thereafter by the filing of a new certificate of\ndesignation, specifying the name and address of the officer, agent or\nother person to whom such process shall be forwarded by the\nsuperintendent;\n 4. Received a license duly issued to it by the superintendent as\nprovided in article two of this chapter and, in the case of a foreign\nbanking corporation desiring to exercise the fiduciary powers specified\nin section two hundred one-b of this chapter, or any part thereof,\nreceived a certificate of authorization duly issued to it by the\nsuperintendent as provided in such section two hundred one-b.\n This section shall not be construed to prohibit foreign banking\ncorporations which do not maintain an office in this state for the\ntransaction of business from (1) making loans in this state secured by\nmortgages on real property, nor from contracting in this state with a\nbanking institution engaged in the business of banking under the laws of\nthis state to acquire from or through such banking institution a part\ninterest or the entire interest in a loan or evidence of debt which such\nbanking institution has heretofore or hereafter made, purchased or\nacquired, for its own account or otherwise, together with a like\ninterest in any security and any security instrument proposed to be\ngiven or heretofore or hereafter given to secure or evidence such loan\nor evidence of debt; (2) enforcing in this state obligations heretofore\nor hereafter acquired by it in the transaction of business outside of\nthis state, or in the transaction of any business authorized by this\nsection; (3) acquiring, holding, leasing, mortgaging, contracting with\nrespect to, or otherwise protecting or conveying property in this state\nheretofore or hereafter assigned, transferred, mortgaged or conveyed to\nit as security for, or in whole or part satisfaction of a loan or loans\nmade by it or obligations acquired by it in the transaction of business\noutside of this state, or in the transaction of any business authorized\nby this section.\n If any foreign banking corporation has opened and occupied an agency\nor branch in this state pursuant to the provisions of this chapter, it\nmay, unless otherwise advised by the superintendent, open and occupy an\nadditional agency or branch, as the case may be, without having to apply\nfor the approval of the superintendent, provided that it gives the\nsuperintendent notice of at least thirty days (or such shorter period as\nthe superintendent in individual cases may approve) before opening and\noccupying any such additional office.\n