§ 201-B — Fiduciary powers of foreign banking corporations

New York § 201-B

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

Text

§ 201-b. Fiduciary powers of foreign banking corporations. Every\nforeign banking corporation licensed pursuant to article two of this\nchapter to maintain one or more branches or agencies in this state, and\nholding an authorization certificate issued pursuant to this section\nmay, subject to such further limitations and restrictions as the\nsuperintendent may prescribe, exercise the powers described in sections\none hundred, one hundred-a, one hundred-b and one hundred-c of this\nchapter to the same extent, and subject to the same requirements and\nrestrictions and effect as apply in the case of trust companies in the\nexercise of such powers.\n The superintendent shall, within sixty days of the receipt by him of a\nrequest for such authorization, issue to a foreign banking corporation\nlicensed pursuant to article two of this chapter to maintain one or more\nbranches or agencies in this state, a certificate of authorization to\nexercise the fiduciary powers referred to in this section at all or at\nany one or more of its authorized branches or agencies, if he shall be\nsatisfied that such powers will be exercised in accordance with the\nrequirements of this chapter. The superintendent may, after giving\nnotice of the contemplated action and reasonable opportunity to be\nheard, revoke any such certificate of authorization if he shall find\nthat a foreign banking corporation so authorized has failed to conform\nto any requirement of this chapter relating to the conduct of such\nbusiness. Such revocation may apply to one or more of the authorized\nbranches or agencies of a foreign banking corporation.\n