N.Y. Banking Law Section 24
Investigation by superintendent

  • refusal or approval
  • filing certificate

1.

Within ninety days after the date when any organization certificate or private banker’s certificate shall have been filed for examination, the superintendent, if the superintendent shall find after investigation and examination of what the superintendent deems to be the best sources of information available that the character, responsibility and general fitness of the person or persons named in such certificate are such as to command confidence and warrant belief that the business of the proposed corporation or private banker will be honestly and efficiently conducted in accordance with the intent and purpose of this chapter, and that the public convenience and advantage will be promoted by allowing such proposed corporation or private banker to engage in business, shall approve such certificate. An extension of such ninety day period may be requested, by a written request executed by a majority of the persons from whom the superintendent received such organization certificate or private banker’s certificate, for such additional reasonable period of time as may be required for applicants to comply with conditions precedent stipulated by the superintendent as being a prerequisite to his or her approval. The superintendent, in the superintendent’s sole discretion, shall determine whether to grant such an extension.

2.

The superintendent shall also endorse upon each of the duplicates the date of such approval. The superintendent shall forthwith cause notice of such approval to be given to the proposed incorporators or private banker and one of the duplicate certificates shall be filed in the office of the department and the other in the office of the clerk of the county in which the principal office of such proposed corporation or private banker is to be located. In a case in which a private banker certificate is submitted to the superintendent for the purpose of continuing the business in connection with a change in its partnership, the superintendent shall approve the private banker certificate upon making a determination that the private banker should be permitted to continue its business based upon the considerations set forth in subdivision one of this section.

3.

If the superintendent is not satisfied, upon the considerations set forth in subdivision one of this section, that such proposed corporation or private banker should be permitted to engage in business, the superintendent shall refuse such certificate and shall endorse thereon the date of such refusal and return one of the duplicates to the proposed incorporators or private banker from whom such certificate was received.

4.

The provisions of this section shall not apply to any organization certificate required to be filed in the office of the superintendent by section one hundred thirty-six, by section two hundred sixty-b, by section four hundred ten, by section four hundred eleven or by section four hundred eighty-six of this chapter.

Source: Section 24 — Investigation by superintendent; refusal or approval; filing certificate, https://www.­nysenate.­gov/legislation/laws/BNK/24 (updated Sep. 22, 2014; accessed Apr. 20, 2024).

10
Declaration of policy 11
Department of financial services 12‑A
Power of state chartered banking institutions to exercise the rights of counterpart federally chartered banking institutions 14
Additional powers of the superintendent 14‑A
Rate of interest 14‑B
Power of the superintendent of financial services to prescribe minimum rate of interest on mortgage escrow accounts 14‑C
Power of the superintendent of financial services to prescribe criteria for disclosure of information on savings and time accounts 14‑D
Power of the superintendent of financial services to prescribe a reasonable period of time permitting the drawing on items received for d... 14‑E
Power of the superintendent to authorize the operation of savings banks and savings and loan associations in stock form 14‑F
Power of the superintendent of financial services to require the provision of basic banking services 18
Fees for copies and certifications 18‑A
Application fees 18‑B
Holocaust reparations payment fees 19
Assessments for deficiency in reserves against deposits 20
Assessments, penalties and forfeitures entitled to priority 21
Collection of assessments, penalties and forfeitures 22
Fingerprints 23
Acceptance or rejection of certificate 24
Investigation by superintendent 25
Authorization certificate 25‑A
Authority of superintendent to file organization certificate and issue authorization certificate under certain conditions 26
Licenses to foreign banking corporations 27
Exchange and examination of securities 28
Change of location 28‑A
Temporary change of location 28‑B
Credit needs of local communities 28‑BB
Credit needs of local communities 28‑C
Branch office closings 29
Branch offices 30
Unclaimed amounts 31
Index of persons entitled to unclaimed amounts 32
Insurance of deposits and share accounts 33
Reserve depositaries 34
Superintendent as attorney to accept service of process 36
Examinations 36‑A
Reports of lending by banking organizations 36‑B
Preservation of books and records 37
Reports to superintendent 37‑A
Submission of annual reports by the Holocaust claims processing office 38
Power of subpoena 39
Orders of superintendent 40
Revocation of authorization certificate or license or suspension of activities in certain cases 41
Removal of director, trustee or officer 42
Official acts of superintendent and details of department business to be made public 44
Violations 44‑A
Violations and penalties 45
Export finance awareness program
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Accessed:
Apr. 20, 2024

Last modified:
Sep. 22, 2014

§ 24’s source at nysenate​.gov

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