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Can you summarize NYCL BNK Article 16?
Banking > General Provisions Applicable to Banking Non-stock Corporations
Short Summary
This legal document governs the general provisions applicable to banking non-stock corporations in the state of New York. It defines the terms used in the document, including ‘Corporation’ which encompasses mutual savings banks, mutual savings and loan associations, mutual holding companies, and credit unions. The term ‘Director’ is also defined, referring to any member of the governing board of a corporation. The document further explains the meaning of ‘Organization certificate’, which includes the original certificate filed to form a corporation or foreign corporation, as well as any amendments, mergers, consolidations, or other certificates or instruments filed under any statute. Additionally, it defines ‘Foreign corporation’ as a non-stock corporation licensed by the superintendent or authorized to conduct business in New York. The document does not specify any exemptions or penalties. Overall, it provides the foundational definitions and concepts applicable to banking non-stock corporations in New York.
Whom does it apply to?
Banking non-stock corporations in the state of New York
What does it govern?
General provisions applicable to banking non-stock corporations
What are exemptions?
Exemptions are provided for individuals who are already regulated by the department or a federal bank regulatory agency, or officers or stockholders of a corporation whose stock is registered on a national securities exchange.
What are the Penalties?
The document does not specify any penalties for non-compliance.
Jurisdiction
New York