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This entry was published on 2014-09-22
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SECTION 202-F
Restrictions on loans, purchases of securities and total liabilities of any one person to New York branch or agency of foreign bank
Banking (BNK) CHAPTER 2, ARTICLE 5
§ 202-f. Restrictions on loans, purchases of securities and total
liabilities of any one person to New York branch or agency of foreign
bank. Before opening a branch or agency in this state, and annually
thereafter so long as a branch or agency is maintained in this state, a
foreign banking corporation, licensed pursuant to article two of this
chapter, shall certify to the superintendent the amount of its paid-in
capital stock, its surplus fund and its undivided profits, each
expressed in the currency of the country of its incorporation, the
dollar equivalent of which amount, as determined by the superintendent,
shall be deemed to be the amount of its capital stock, surplus fund and
undivided profits. Loans, purchases and discounts of notes, bills of
exchange, bonds, debentures and other obligations, and extensions of
credit and acceptances by a branch or agency of a foreign banking
corporation within this state shall be subject to the same limitations
as to amount in relation to capital stock, surplus fund, and undivided
profits as are applicable to banks and trust companies pursuant to
article three of this chapter, provided, however, that with the prior
approval of the superintendent of financial services, the capital notes
and capital debentures of such foreign banking corporation may be
treated as capital stock in computing such limitations.