§ 11 — Department of financial services; official documents; destruction of documents; official communications

New York § 11

• Jurisdiction: New York
• Law BNK: Banking
• Art. 2: Department of Financial Services; Superintendent of Financial Services; Supervisory and Regulatory Powers

Text

§ 11. Department of financial services; official documents;\ndestruction of documents; official communications. 1. The department\nshall be charged with the execution of the laws relating to the\nindividuals, partnerships, corporations and other entities to which this\nchapter is applicable and shall exercise such powers and perform such\nduties as are conferred and imposed upon it by this chapter, or by any\nlaw of this state.\n 2. (a) Except as specified in paragraph (b) or (c) of this\nsubdivision, any report expressly required to be rendered to the\nsuperintendent under any provision of this chapter, any report of an\nexamination made in accordance with any provision of this chapter, and\nany oath or declaration of office received by the department shall be\nretained in such form and for such period as the superintendent finds\nnecessary and proper. After such period the superintendent shall\nrecommend disposal of such material in accordance with the provisions of\nthe arts and cultural affairs law.\n (b) Reports made in accordance with section twenty-eight-b of this\narticle or pursuant to the rules and regulations of the superintendent\npromulgated in connection with assessing a banking organization's record\nof performance in meeting the credit needs of local communities within\nthe meaning of section twenty-eight-b of this article, including reports\nexpressly required to be rendered to the superintendent and reports of\nexaminations may be destroyed at the direction of the superintendent and\nin accordance with the provisions of the arts and cultural affairs law\nafter three years from date of receipt thereof, provided any such report\nhas first been photographed, microphotographed or otherwise reproduced.\nEach such reproduction shall be retained in the files of the department\nfor a period of at least fifteen years from the date of the last\nreceived report, oath or declaration appearing thereon. After the\nexpiration of such period, such reproduction may be destroyed at the\ndirection of the superintendent and in accordance with the provisions of\nthe arts and cultural affairs law. Such reproduction thereof shall be\ndeemed, for any purpose, the equivalent of the original of such report.\nAny such report not so reproduced shall be retained in the files of the\ndepartment for a period of at least fifteen years from the date of\nreceipt thereof, after which it may be destroyed at the direction of the\nsuperintendent and in accordance with the provisions of the arts and\ncultural affairs law.\n (c) This subdivision shall not apply to any records, documents or\ncorrespondence referred to in subdivision four of section six hundred\ntwenty-seven of this chapter.\n 4. Any communication from the department to any person, partnership,\ncorporation or other entity may contain a direction that such\ncommunication shall be presented to the controlling owners or principal\nmanagement of such entity, members of such partnership or to the board\nof directors or trustees of such corporation. A communication containing\nsuch direction shall be for the purposes of this chapter an official\ncommunication. The superintendent may, in his or her discretion, notify\nin writing each owner or principal manager of such entity, every member\nof such partnership and every director or trustee of such corporation of\nthe sending of such a communication and, in that event the notification\nshall state the date of such communication.\n