N.Y. Banking Law Section 202-G
Succession to agency by branch and to branch by agency

Notwithstanding any other provision of this chapter, the superintendent may, subject to such regulations as he may adopt, authorize the conversion of a foreign banking corporation agency to a branch or the conversion of a foreign banking corporation branch to an agency. When a foreign banking corporation shall be licensed to conduct in this state a branch in lieu of an agency theretofore conducted by it or to conduct an agency in this state in lieu of a branch theretofore conducted by it, the preceding form of organization shall, with the approval of the superintendent, be converted into the succeeding form of organization of such foreign banking corporation and all of the liabilities of such foreign banking corporation previously payable at the office where such preceding form of organization shall have been conducted shall thereafter be payable at the office of the successor form of organization. In the event that the successor form of organization shall succeed to assets in which it would not have had legal power to invest in its successor form, or, in the event the successor form of organization shall succeed to liabilities which the successor form of organization would not have had power to incur, it shall liquidate such assets or liabilities within the next succeeding twelve calendar months unless the superintendent shall, in his discretion, extend such period of time in the interest of the orderly conduct of such branch or agency.

Source: Section 202-G — Succession to agency by branch and to branch by agency, https://www.­nysenate.­gov/legislation/laws/BNK/202-G (updated Sep. 22, 2014; accessed Jun. 22, 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. 22, 2024

Last modified:
Sep. 22, 2014

§ 202-G’s source at nysenate​.gov

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