§ 201 — Conditions to be complied with by foreign banking corporations applying for initial license

New York § 201

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

Text

§ 201. Conditions to be complied with by foreign banking corporations\napplying for initial license. Every foreign banking corporation before\nbeing licensed by the superintendent to transact in this state the\nbusiness of buying, selling, paying or collecting bills of exchange, or\nof issuing letters of credit or of receiving money for transmission or\ntransmitting the same by draft, check, cable or otherwise, or of making\nloans, or receiving deposits, and before being authorized by the\nsuperintendent to exercise the fiduciary powers specified in section two\nhundred one-b of this chapter, or any part of such business, or before\nmaintaining in this state its initial agency or branch for carrying on\nsuch business or any part thereof, shall subscribe and acknowledge and\nsubmit to the superintendent at his office, an application certificate\nin duplicate, which shall specifically state:\n 1. The name of such foreign banking corporation.\n 2. The place where its business is to be transacted in this state; and\nif such business is to be conducted through an agency in this state, the\nname of the agent or agents through whom such business is to be\ntransacted; and if such business is to be transacted in this state by a\nbranch of said foreign banking corporation, the name of the person who\nshall be in charge of the business and affairs of such branch.\n 3. The amount of its capital actually paid in cash and the amount\nsubscribed for and unpaid.\n 4. The actual value of the assets of such corporation, which must be\nat least one million dollars in excess of its liabilities; and a\ncomplete and detailed statement of its financial condition as of a date\nprior to the date of such application as the superintendent in his\ndiscretion may determine.\n At the time such application certificate is submitted to the\nsuperintendent, such corporation shall also submit a duly exemplified or\notherwise authenticated copy of its charter and a verified or otherwise\nauthenticated copy of its by-laws, or an equivalent thereof satisfactory\nto the superintendent, and pay an investigation fee as prescribed\npursuant to section eighteen-a of this chapter to be collected by the\nsuperintendent.\n