N.Y. Banking Law Section 201-B
Fiduciary powers of foreign banking corporations

Every foreign banking corporation licensed pursuant to article 2 (Department of Financial Services)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 2 (Department of Financial Services)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.

Source: Section 201-B — Fiduciary powers of foreign banking corporations, https://www.­nysenate.­gov/legislation/laws/BNK/201-B (updated Sep. 22, 2014; accessed Jun. 15, 2024).

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

Jun. 15, 2024

Last modified:
Sep. 22, 2014

§ 201-B’s source at nysenate​.gov

Link Style