Legislation

Search OpenLegislation Statutes
This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 201-B
Fiduciary powers of foreign banking corporations
Banking (BNK) CHAPTER 2, ARTICLE 5
§ 201-b. Fiduciary powers of foreign banking corporations. Every
foreign banking corporation licensed pursuant to article two of this
chapter to maintain one or more branches or agencies in this state, and
holding an authorization certificate issued pursuant to this section
may, subject to such further limitations and restrictions as the
superintendent may prescribe, exercise the powers described in sections
one hundred, one hundred-a, one hundred-b and one hundred-c of this
chapter to the same extent, and subject to the same requirements and
restrictions and effect as apply in the case of trust companies in the
exercise of such powers.

The superintendent shall, within sixty days of the receipt by him of a
request for such authorization, issue to a foreign banking corporation
licensed pursuant to article two of this chapter to maintain one or more
branches or agencies in this state, a certificate of authorization to
exercise the fiduciary powers referred to in this section at all or at
any one or more of its authorized branches or agencies, if he shall be
satisfied that such powers will be exercised in accordance with the
requirements of this chapter. The superintendent may, after giving
notice of the contemplated action and reasonable opportunity to be
heard, revoke any such certificate of authorization if he shall find
that a foreign banking corporation so authorized has failed to conform
to any requirement of this chapter relating to the conduct of such
business. Such revocation may apply to one or more of the authorized
branches or agencies of a foreign banking corporation.