Ask Reggi Your Question Now
Can you summarize NYCL BNK Article 4?
Banking > Private Bankers
Short Summary
The legal document provides regulations and requirements for individuals and partnerships engaging in business as private bankers in the state of New York. It outlines the process of submitting a verified certificate with information such as the full name, residence, citizenship, and amount of permanent capital. Private bankers are allowed to engage in various banking activities, including receiving deposits, transmitting money, discounting promissory notes, and buying or selling exchange, coin, or bullion. They are also permitted to use certain words or phrases related to banking. Private bankers must maintain the specified amount of permanent capital and keep their office separate from other banks or financial institutions. They are required to segregate funds and property related to their banking business. The document also covers the repayment of deposits, maintenance of reserves, restrictions on investments, rate of interest and usury, purchase and loans on real estate, maintenance of books of account, reporting requirements, continuation of business after the death of a private banker, revocation of authorization certificates, and prohibition of certain activities related to banking and savings. The document does not mention any specific exemptions or penalties for non-compliance or violation of its provisions.
Whom does it apply to?
The legal document applies to individuals and partnerships desiring to engage in business as private bankers in the state of New York. It also applies to the superintendent of the financial services and the people of the state of New York.
What does it govern?
The legal document governs the requirements and regulations for individuals and partnerships engaging in business as private bankers. It covers various aspects such as the submission of a verified certificate, the amount of permanent capital required, the location of the office, the use of certain words or phrases, the segregation of funds, the repayment of deposits, the maintenance of reserves, the restrictions on investments, the rate of interest and usury, the purchase and loans on real estate, the maintenance of books of account, the reporting requirements, the continuation of business after the death of a private banker, the revocation of authorization certificates, and the prohibition of certain activities related to banking and savings.
What are exemptions?
No specific exemptions are mentioned in the document.
What are the Penalties?
The document does not mention any specific penalties for non-compliance or violation of its provisions.
Jurisdiction
New York