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This entry was published on 2014-09-22
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SECTION 200
When foreign banking corporation may transact business in this state
Banking (BNK) CHAPTER 2, ARTICLE 5
§ 200. When foreign banking corporation may transact business in this
state. No foreign banking corporation, other than a bank organized under
the laws of the United States, shall transact in this state the business
of buying, selling, paying or collecting bills of exchange, or of
issuing letters of credit or of receiving money for transmission or
transmitting the same by draft, check, cable or otherwise, or of making
loans, or of receiving deposits, or of exercising the fiduciary powers
specified in section two hundred one-b of this chapter, or transacting
any part of such business, or maintaining in this state its initial
agency or branch for carrying on such business, or any part thereof,
unless such corporation shall have:

1. Been authorized by its charter to carry on such business and shall
have complied with the laws of the state or country under which it is
incorporated;

2. Furnished to the superintendent such proof as to the nature and
character of its business and as to its financial condition as he may
require;

3. Filed in the office of the superintendent (a) a duly executed
instrument in writing, by its terms of indefinite duration and
irrevocable, appointing the superintendent and his or her successors its
true and lawful attorney, upon whom all process in any action or
proceeding against it on a cause of action arising out of a transaction
with its New York agency or agencies or branch or branches, may be
served with the same force and effect as if it were a domestic
corporation and had been lawfully served with process within the state
and (b) a written certificate of designation, which may be changed from
time to time thereafter by the filing of a new certificate of
designation, specifying the name and address of the officer, agent or
other person to whom such process shall be forwarded by the
superintendent;

4. Received a license duly issued to it by the superintendent as
provided in article two of this chapter and, in the case of a foreign
banking corporation desiring to exercise the fiduciary powers specified
in section two hundred one-b of this chapter, or any part thereof,
received a certificate of authorization duly issued to it by the
superintendent as provided in such section two hundred one-b.

This section shall not be construed to prohibit foreign banking
corporations which do not maintain an office in this state for the
transaction of business from (1) making loans in this state secured by
mortgages on real property, nor from contracting in this state with a
banking institution engaged in the business of banking under the laws of
this state to acquire from or through such banking institution a part
interest or the entire interest in a loan or evidence of debt which such
banking institution has heretofore or hereafter made, purchased or
acquired, for its own account or otherwise, together with a like
interest in any security and any security instrument proposed to be
given or heretofore or hereafter given to secure or evidence such loan
or evidence of debt; (2) enforcing in this state obligations heretofore
or hereafter acquired by it in the transaction of business outside of
this state, or in the transaction of any business authorized by this
section; (3) acquiring, holding, leasing, mortgaging, contracting with
respect to, or otherwise protecting or conveying property in this state
heretofore or hereafter assigned, transferred, mortgaged or conveyed to
it as security for, or in whole or part satisfaction of a loan or loans
made by it or obligations acquired by it in the transaction of business
outside of this state, or in the transaction of any business authorized
by this section.

If any foreign banking corporation has opened and occupied an agency
or branch in this state pursuant to the provisions of this chapter, it
may, unless otherwise advised by the superintendent, open and occupy an
additional agency or branch, as the case may be, without having to apply
for the approval of the superintendent, provided that it gives the
superintendent notice of at least thirty days (or such shorter period as
the superintendent in individual cases may approve) before opening and
occupying any such additional office.