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This entry was published on 2014-09-22
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SECTION 201
Conditions to be complied with by foreign banking corporations applying for initial license
Banking (BNK) CHAPTER 2, ARTICLE 5
§ 201. Conditions to be complied with by foreign banking corporations
applying for initial license. Every foreign banking corporation before
being licensed by the superintendent to 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 receiving deposits, and before being authorized by the
superintendent to exercise the fiduciary powers specified in section two
hundred one-b of this chapter, or any part of such business, or before
maintaining in this state its initial agency or branch for carrying on
such business or any part thereof, shall subscribe and acknowledge and
submit to the superintendent at his office, an application certificate
in duplicate, which shall specifically state:

1. The name of such foreign banking corporation.

2. The place where its business is to be transacted in this state; and
if such business is to be conducted through an agency in this state, the
name of the agent or agents through whom such business is to be
transacted; and if such business is to be transacted in this state by a
branch of said foreign banking corporation, the name of the person who
shall be in charge of the business and affairs of such branch.

3. The amount of its capital actually paid in cash and the amount
subscribed for and unpaid.

4. The actual value of the assets of such corporation, which must be
at least one million dollars in excess of its liabilities; and a
complete and detailed statement of its financial condition as of a date
prior to the date of such application as the superintendent in his
discretion may determine.

At the time such application certificate is submitted to the
superintendent, such corporation shall also submit a duly exemplified or
otherwise authenticated copy of its charter and a verified or otherwise
authenticated copy of its by-laws, or an equivalent thereof satisfactory
to the superintendent, and pay an investigation fee as prescribed
pursuant to section eighteen-a of this chapter to be collected by the
superintendent.