New York Banking Law
Exemptions of Certain Private Bankers
1. Every individual and partnership conducting the business of a private banker on June thirtieth, nineteen hundred thirty-eight, pursuant to an authorization certificate issued by the superintendent may thereafter continue to conduct such business under the authority of such existing authorization certificate.
2. Nothing in this article shall be construed to render unlawful the continued ownership or holding by a private banker of any investments, loans, or other real or personal property lawfully acquired prior to June thirtieth, nineteen hundred thirty-eight.