§ 225-b. Applicability of certain sections to out-of-state banks. 1.\nExcept as otherwise provided in this section, nothing in article five or\narticle five-B of this chapter shall apply to an out-of-state bank or\nout-of-state trust company authorized to open, occupy and maintain a\nbranch pursuant to the provisions of this article or a trust office\npursuant to this article or to subdivision four of section one hundred\nthirty-one of this chapter. Any reference in this chapter (other than in\narticle five or article five-B) to a foreign bank, foreign corporation\nor foreign banking corporation shall be deemed to be a reference to an\nout-of-state bank or out-of-state trust company authorized to open,\noccupy and maintain a branch pursuant to the provisions of this article\nor a trust o
Free access — add to your briefcase to read the full text and ask questions with AI
§ 225-b. Applicability of certain sections to out-of-state banks. 1.\nExcept as otherwise provided in this section, nothing in article five or\narticle five-B of this chapter shall apply to an out-of-state bank or\nout-of-state trust company authorized to open, occupy and maintain a\nbranch pursuant to the provisions of this article or a trust office\npursuant to this article or to subdivision four of section one hundred\nthirty-one of this chapter. Any reference in this chapter (other than in\narticle five or article five-B) to a foreign bank, foreign corporation\nor foreign banking corporation shall be deemed to be a reference to an\nout-of-state bank or out-of-state trust company authorized to open,\noccupy and maintain a branch pursuant to the provisions of this article\nor a trust office pursuant to this article or to subdivision four of\nsection one hundred thirty-one of this chapter. Notwithstanding the\nforegoing, the provisions of section two hundred two-h (Repayment of\ndeposits standing in the names of minors, trustees, joint depositors or\ncustodians; interpleader in certain actions), of this chapter shall\napply with equal force and effect to out-of-state banks or out-of-state\ntrust companies authorized to open, occupy or maintain branches pursuant\nto the provisions of this article.\n 2. The provisions of section three hundred ninety-nine-a, subdivision\nthree of section one hundred thirty, subdivision two of section one\nhundred forty-three, subdivision five of section two hundred forty-seven\nand subdivision five of section three hundred ninety-nine of this\nchapter with respect to restrictions on executive officers or directors\nof foreign banking corporations and the provisions of sections twenty,\ntwenty-six, thirty, thirty-one and six hundred thirty-four, subdivisions\neleven and twelve of section six hundred five, subdivision four of\nsection six hundred six and paragraph (a) of subdivision one of section\nfourteen of this chapter, shall not apply to out-of-state banks\nauthorized to open, occupy or maintain branches pursuant to the\nprovisions of this article.\n