§ 202-G — Succession to agency by branch and to branch by agency

New York § 202-G

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

Text

§ 202-g. Succession to agency by branch and to branch by agency.\nNotwithstanding any other provision of this chapter, the superintendent\nmay, subject to such regulations as he may adopt, authorize the\nconversion of a foreign banking corporation agency to a branch or the\nconversion of a foreign banking corporation branch to an agency.\n When a foreign banking corporation shall be licensed to conduct in\nthis state a branch in lieu of an agency theretofore conducted by it or\nto conduct an agency in this state in lieu of a branch theretofore\nconducted by it, the preceding form of organization shall, with the\napproval of the superintendent, be converted into the succeeding form of\norganization of such foreign banking corporation and all of the\nliabilities of such foreign banking corporation previously payable at\nthe office where such preceding form of organization shall have been\nconducted shall thereafter be payable at the office of the successor\nform of organization.\n In the event that the successor form of organization shall succeed to\nassets in which it would not have had legal power to invest in its\nsuccessor form, or, in the event the successor form of organization\nshall succeed to liabilities which the successor form of organization\nwould not have had power to incur, it shall liquidate such assets or\nliabilities within the next succeeding twelve calendar months unless the\nsuperintendent shall, in his discretion, extend such period of time in\nthe interest of the orderly conduct of such branch or agency.\n