§ 202-F — Restrictions on loans, purchases of securities and total liabilities of any one person to New York branch or agency of foreign bank

New York § 202-F

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

Text

§ 202-f. Restrictions on loans, purchases of securities and total\nliabilities of any one person to New York branch or agency of foreign\nbank. Before opening a branch or agency in this state, and annually\nthereafter so long as a branch or agency is maintained in this state, a\nforeign banking corporation, licensed pursuant to article two of this\nchapter, shall certify to the superintendent the amount of its paid-in\ncapital stock, its surplus fund and its undivided profits, each\nexpressed in the currency of the country of its incorporation, the\ndollar equivalent of which amount, as determined by the superintendent,\nshall be deemed to be the amount of its capital stock, surplus fund and\nundivided profits. Loans, purchases and discounts of notes, bills of\nexchange, bonds, debentures and other obligations, and extensions of\ncredit and acceptances by a branch or agency of a foreign banking\ncorporation within this state shall be subject to the same limitations\nas to amount in relation to capital stock, surplus fund, and undivided\nprofits as are applicable to banks and trust companies pursuant to\narticle three of this chapter, provided, however, that with the prior\napproval of the superintendent of financial services, the capital notes\nand capital debentures of such foreign banking corporation may be\ntreated as capital stock in computing such limitations.\n