Ask Reggi Your Question Now
Can you summarize NYCL BNK Article 5?
Banking > Foreign Banking Corporations and National Banks
Short Summary
These legal documents cover various aspects related to foreign banking corporations and national banks operating in the state of New York. They govern the conditions for transacting business, requirements for obtaining licenses, rights and privileges of licensed corporations, exercise of fiduciary powers, acquisition of control or merger, safe-keeping and safe deposit business, acting as trustees under retirement plans, making loans and offering extensions of credit, receiving deposits, maintenance of assets and reserves, licensing requirements, conversion of agency to branch or vice versa, repayment of deposits and interpleader process, application for changes, reporting requirements, payment of claims, termination of existence, service of process on unlicensed corporations, nondiscriminatory treatment of insured state banks and national banks, and restrictions on executive officers. These documents apply to foreign banking corporations, residents of the state of New York, corporations formed under the laws of the United States, other foreign corporations, non-residents, minors, trustees, joint depositors, custodians, unlicensed corporations formed under laws other than the statutes of New York, insured state banks, national banks, federal savings banks, and federal savings associations. Exemptions are mentioned for foreign banking corporations that do not maintain an office in the state for business transactions, corporations formed under the laws of the United States that maintain an office in the state, and foreign banking corporations organized under the laws of a foreign country that maintain branches in New York and receive deposits. No specific penalties are mentioned in these documents.
Whom does it apply to?
Foreign banking corporations, residents of the state of New York, corporations formed under the laws of the United States, other foreign corporations, non-residents, minors, trustees, joint depositors, custodians, unlicensed corporations formed under laws other than the statutes of New York, insured state banks, national banks, federal savings banks, federal savings associations
What does it govern?
Conditions under which foreign banking corporations can transact business in the state of New York, maintenance of actions or special proceedings against foreign banking corporations in the state of New York, requirements for foreign banking corporations to obtain an initial license, rights and privileges of foreign banking corporations with a license, exercise of fiduciary powers by foreign banking corporations, acquisition of control or merger by foreign banking corporations, safe-keeping and safe deposit business by foreign banking corporations, acting as trustees under retirement plans, making loans and offering extensions of credit, receiving deposits by foreign banking corporations, maintenance of assets by foreign banking corporations, maintenance of reserves by foreign banking corporations, licensing requirements for maintaining branches or agencies, conversion of agency to branch or vice versa, repayment of deposits and interpleader process, application for changes by foreign banking corporations, reporting requirements for foreign banking corporations, payment of claims by foreign banking corporations, termination of existence of foreign banking corporations, service of process on unlicensed corporations, nondiscriminatory treatment of insured state banks and national banks, restrictions on executive officers of foreign banking corporations and national banks
What are exemptions?
Exemptions are mentioned for foreign banking corporations that do not maintain an office in the state for business transactions, corporations formed under the laws of the United States that maintain an office in the state, foreign banking corporations organized under the laws of a foreign country that maintain branches in New York and receive deposits
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
New York