N.Y. Banking Law Section 206
Termination of existence

When a foreign banking corporation licensed pursuant to article 2 (Department of Financial Services)article two of this chapter is dissolved or its authority or existence is otherwise terminated or cancelled in the jurisdiction of its incorporation, a certificate of the superintendent of financial services, or official performing the equivalent function as to records of banking corporations, of the jurisdiction of incorporation of such foreign banking corporation attesting to the occurrence of any such event or a certified copy of an order or decree of a court of such jurisdiction directing the dissolution of such foreign banking corporation, the termination of its existence or the cancellation of its authority shall be delivered to the superintendent. The filing of the certificate, order or decree shall have the same effect as the revocation of its license under § 40 (Revocation of authorization certificate or license or suspension of activities in certain cases)section forty of this chapter. The superintendent shall continue as agent of the foreign banking corporation upon whom process against it may be served in any action or special proceeding based upon any liability or obligation incurred by the foreign banking corporation within this state prior to the filing of such certificate, order or decree and he shall promptly cause a copy of such process to be mailed by registered mail, return receipt requested, to such foreign corporation at the post office address on file in his office specified for such purpose. The post office address may be changed in the manner provided in § 200 (When foreign banking corporation may transact business in this state)section two hundred of this article.

Source: Section 206 — Termination of existence, https://www.­nysenate.­gov/legislation/laws/BNK/206 (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

§ 206’s source at nysenate​.gov

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