N.Y. Banking Law Section 201-A
Rights and privileges of foreign banking corporation under license

  • effect of revocation

1.

When the superintendent shall have issued a license as provided in § 26 (Licenses to foreign banking corporations)section twenty-six of this chapter to any such foreign banking corporation, it may engage in the business specified in sections two hundred and two hundred one of this article either as an agency or as a branch at the location specified in such license for a period not exceeding one year from the date of such license or, if such license so provides, until such license is surrendered or revoked. A license issued for a period not exceeding one year may, upon the approval of the superintendent, be renewed as provided in § 26 (Licenses to foreign banking corporations)section twenty-six of this chapter. No such license shall be transferable or assignable. Every such license shall be at all times conspicuously displayed in the place of business specified therein. In the event that such license shall have been revoked by the superintendent, as provided in article 2 (Department of Financial Services)article two of this chapter, it shall be surrendered to the superintendent within twenty-four hours after such corporation has received written notice of such revocation.

2.

Whenever the superintendent shall have revoked any such license and shall have taken the action to make such revocation effective specified in article 2 (Department of Financial Services)article two of this chapter, all the rights and privileges of such foreign banking corporation to transact the business thus licensed shall forthwith cease and determine.

Source: Section 201-A — Rights and privileges of foreign banking corporation under license; effect of revocation, https://www.­nysenate.­gov/legislation/laws/BNK/201-A (updated Sep. 22, 2014; accessed Apr. 13, 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:
Apr. 13, 2024

Last modified:
Sep. 22, 2014

§ 201-A’s source at nysenate​.gov

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