N.Y. Banking Law Section 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 § 201-B (Fiduciary powers of foreign banking corporations)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 § 18-A (Application fees)section eighteen-a of this chapter to be collected by the superintendent.

Source: Section 201 — Conditions to be complied with by foreign banking corporations applying for initial license, https://www.­nysenate.­gov/legislation/laws/BNK/201 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

200
When foreign banking corporation may transact business in this state 200‑A
Actions maintained by a foreign banking corporation 200‑B
Actions maintained against foreign banking corporation 200‑C
Maintenance of books, accounts and records 201
Conditions to be complied with by foreign banking corporations applying for initial license 201‑A
Rights and privileges of foreign banking corporation under license 201‑B
Fiduciary powers of foreign banking corporations 201‑C
Notice of acquisition of control or merger 202
Rates of interest 202‑A
Restrictions on receiving deposits 202‑B
Maintenance of assets in this state 202‑C
Reserves against deposits 202‑D
Foreign banking corporation may not maintain both agencies and branches in this state 202‑F
Restrictions on loans, purchases of securities and total liabilities of any one person to New York branch or agency of foreign bank 202‑G
Succession to agency by branch and to branch by agency 202‑H
Repayment of deposits standing in the names of minors, trustees, joint depositors or custodians 202‑I
Safe deposit business of branches 202‑J
Power to act as trustee under self-employed retirement trust or individual retirement trust 203
Change of location, name or business 204
Reports of foreign banking corporations 204‑A
Payment of claims by foreign banking corporations where adverse claim is asserted 206
Termination of existence 207
Service of process on unlicensed corporation formed under laws other than the statutes of this state 208
Nondiscriminatory treatment of insured state banks and national banks 209
Restrictions on executive officers of foreign banking corporations and national banks
Green check means up to date. Up to date

Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 201’s source at nysenate​.gov

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