§ 206 — Termination of existence

New York § 206

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

Text

§ 206. Termination of existence. When a foreign banking corporation\nlicensed pursuant to article two of this chapter is dissolved or its\nauthority or existence is otherwise terminated or cancelled in the\njurisdiction of its incorporation, a certificate of the superintendent\nof financial services, or official performing the equivalent function as\nto records of banking corporations, of the jurisdiction of incorporation\nof such foreign banking corporation attesting to the occurrence of any\nsuch event or a certified copy of an order or decree of a court of such\njurisdiction directing the dissolution of such foreign banking\ncorporation, the termination of its existence or the cancellation of its\nauthority shall be delivered to the superintendent. The filing of the\ncertificate, order or decree shall have the same effect as the\nrevocation of its license under section forty of this chapter. The\nsuperintendent shall continue as agent of the foreign banking\ncorporation upon whom process against it may be served in any action or\nspecial proceeding based upon any liability or obligation incurred by\nthe foreign banking corporation within this state prior to the filing of\nsuch certificate, order or decree and he shall promptly cause a copy of\nsuch process to be mailed by registered mail, return receipt requested,\nto such foreign corporation at the post office address on file in his\noffice specified for such purpose. The post office address may be\nchanged in the manner provided in section two hundred of this article.\n