§ 202-A — Restrictions on receiving deposits

New York § 202-A

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

Text

§ 202-a. Restrictions on receiving deposits. 1. A foreign banking\ncorporation licensed pursuant to article two of this chapter to maintain\none or more agencies in this state shall not engage in the business of\nreceiving deposits in this state; provided (a) that such foreign banking\ncorporation may maintain for the account of others credit balances\nincidental to, or arising out of, the exercise of its lawful powers; and\n(b) that the superintendent of financial services is authorized to adopt\nregulations that permit a foreign banking corporation, licensed pursuant\nto article two of this chapter to maintain one or more agencies in this\nstate, to issue to a corporation, partnership, trust, unincorporated\nassociation, joint stock association or similar association obligations\neach in a principal amount of not less than one hundred thousand\ndollars; and (c) that such foreign banking corporation may accept\ndeposits other than from citizens or residents of the United States as\nthe superintendent shall define by regulation.\n 2. A foreign banking corporation organized under the laws of a foreign\ncountry may be licensed pursuant to article two of this chapter to\nmaintain a branch or branches in this state and may engage in the\nbusiness of receiving deposits in this state.\n 3. The superintendent of financial services shall have power to\nprescribe, by specific or general regulation, to the extent to which and\nthe conditions upon which, the deposits and credit balances in agencies\nand branches in this state of foreign banking corporations may be\nestablished, maintained and paid out.\n