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This entry was published on 2014-09-22
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SECTION 11
Department of financial services; official documents; destruction of documents; official communications
Banking (BNK) CHAPTER 2, ARTICLE 2
§ 11. Department of financial services; official documents;
destruction of documents; official communications. 1. The department
shall be charged with the execution of the laws relating to the
individuals, partnerships, corporations and other entities to which this
chapter is applicable and shall exercise such powers and perform such
duties as are conferred and imposed upon it by this chapter, or by any
law of this state.

2. (a) Except as specified in paragraph (b) or (c) of this
subdivision, any report expressly required to be rendered to the
superintendent under any provision of this chapter, any report of an
examination made in accordance with any provision of this chapter, and
any oath or declaration of office received by the department shall be
retained in such form and for such period as the superintendent finds
necessary and proper. After such period the superintendent shall
recommend disposal of such material in accordance with the provisions of
the arts and cultural affairs law.

(b) Reports made in accordance with section twenty-eight-b of this
article or pursuant to the rules and regulations of the superintendent
promulgated in connection with assessing a banking organization's record
of performance in meeting the credit needs of local communities within
the meaning of section twenty-eight-b of this article, including reports
expressly required to be rendered to the superintendent and reports of
examinations may be destroyed at the direction of the superintendent and
in accordance with the provisions of the arts and cultural affairs law
after three years from date of receipt thereof, provided any such report
has first been photographed, microphotographed or otherwise reproduced.
Each such reproduction shall be retained in the files of the department
for a period of at least fifteen years from the date of the last
received report, oath or declaration appearing thereon. After the
expiration of such period, such reproduction may be destroyed at the
direction of the superintendent and in accordance with the provisions of
the arts and cultural affairs law. Such reproduction thereof shall be
deemed, for any purpose, the equivalent of the original of such report.
Any such report not so reproduced shall be retained in the files of the
department for a period of at least fifteen years from the date of
receipt thereof, after which it may be destroyed at the direction of the
superintendent and in accordance with the provisions of the arts and
cultural affairs law.

(c) This subdivision shall not apply to any records, documents or
correspondence referred to in subdivision four of section six hundred
twenty-seven of this chapter.

4. Any communication from the department to any person, partnership,
corporation or other entity may contain a direction that such
communication shall be presented to the controlling owners or principal
management of such entity, members of such partnership or to the board
of directors or trustees of such corporation. A communication containing
such direction shall be for the purposes of this chapter an official
communication. The superintendent may, in his or her discretion, notify
in writing each owner or principal manager of such entity, every member
of such partnership and every director or trustee of such corporation of
the sending of such a communication and, in that event the notification
shall state the date of such communication.