Title BNK, Banking

§ 1. Short title. This chapter, together with amendments thereof, shall be known as the "banking law", and shall be applicable to all corporations, partnerships and individuals defined in the next section and to such other corporations, unincorporated associations, partnerships …

§ 10. Declaration of policy. It is hereby declared to be the policy of the state of New York that the business of all banking organizations shall be supervised and regulated through the department of financial services in such manner as to insure the safe and sound conduct of su…

§ 100. Fiduciary powers. Every trust company shall have, subject to the restrictions and limitations contained in this chapter, the following powers: 1. To act as the fiscal or transfer agent of the United States, any state, municipality, body politic or corporation; and in such…

§ 100-a. Fiduciary capacities; appointment by court authorized; bond; oath; accounting. 1. Executor. When any trust company is appointed executor in any last will and testament, the court or officer authorized to grant letters testamentary in this state, shall, upon the proper a…

§ 100-b. Investments as fiduciary; when interest is to be paid; preference. 1. Investments. All investments of money received by any trust company as executor, administrator, guardian, trustee of a trust of any kind, receiver, committee, conservator or depositary, shall be at it…

§ 100-c. Common trust funds. 1. For the purpose of investment and reinvestment of moneys received and held by any trust company as executor, administrator, guardian, trustee, donee of power during minority to manage property vested in an infant, custodian under any Uniform Gifts…

§ 100-d. Foreign common trust funds. Any banking corporation or trust company incorporated under the laws of another state which is qualified to act as executor or testamentary trustee in this state pursuant to subdivision three of section one hundred thirty-one of the banking l…

§ 1001. Definitions. In this article, unless the context otherwise requires: 1. "Corporation" means and includes all banks, trust companies, safe deposit companies, investment companies, mutual trust investment companies, and, to the extent not provided otherwise under any regul…

§ 1002. Application. 1. This article applies to every corporation and, to the extent herein provided, to every foreign corporation, and shall not apply to any other banking organization, except to such extent, if any, as may be specified in any article of this chapter governing …

§ 1003. Certificates; requirements, signing, filing, effectiveness. 1. Every certificate or other instrument relating to a corporation or foreign corporation which is delivered to the superintendent for filing under this chapter shall be in the English language, except that the …

§ 1004. Certificates; corrections. Any certificate or other instrument relating to a corporation or foreign corporation filed by the superintendent under this chapter may be corrected with respect to any informality or error apparent on the face or defect in the execution thereo…

§ 1005. Certificates as evidence. 1. Any certificate or other instrument filed by the superintendent relating to a corporation or a foreign corporation and containing statements of fact required or permitted by law to be contained therein, shall be received in all courts, public…

§ 1006. Corporate seal as evidence. The presence of the corporate seal on a written instrument purporting to be executed by authority of a corporation or a foreign corporation shall be prima facie evidence that the instrument was so executed.

§ 1007. When notice or lapse of time unnecessary; notices dispensed with when delivery is prohibited. 1. Whenever, under this article or the organization certificate or by-laws of any corporation or by the terms of any agreement or instrument, a corporation or the board or any c…

§ 1008. Effect of invalidity of part of article; severability. If any provision of this article or application thereof to any person or circumstances is held invalid, such invalidity shall not affect other provisions or applications of this article which can be given effect with…

§ 101. Additional powers of certain trust companies. Every trust company which at the time this act takes effect lawfully possesses and exercises the power, for hire, to examine titles to real estate, to procure and furnish information in relation thereto, and to guarantee or in…

§ 102. Powers of specially chartered trust companies. Every trust company incorporated by a special law shall possess the powers of trust companies incorporated under this chapter and shall be subject to such provisions of this chapter as are not inconsistent with the special la…

§ 102-a. Limited liability trust companies. 1. Trust companies which (a) do not receive deposits from the general public and (b) have been exempted by the superintendent of financial services from the requirements of section thirty-two of this chapter, may be formed and operated…

§ 103.* Restrictions on loans, purchases of securities and total\nliabilities to bank or trust company of any one person.\n * NB Effective until notification of the superintendent of financial\nservices\n * Restrictions on loans, purchases of securities, total liabilities\nand o…

§ 104. Entries in books; restrictions; amortization of securities. 1. No bank or trust company shall by any system of accounting or any device of bookkeeping, directly or indirectly enter any of its assets upon its books in the name of any individual, partnership, unincorporated…

§ 105. Branch offices; prohibition against doing business at unauthorized places. 1. (a) No bank or trust company or officer, director, agent or employee thereof, shall transact any part of its usual business of banking at any place other than its principal office, except that a…

§ 105-a. Electronic facilities. A bank or trust company may conduct a banking business, at automated teller machines, point-of-sale terminals, and similar facilities subject to regulations which may be promulgated by the superintendent of financial services. Such facilities shal…

§ 105-b. Trust offices. 1. A trust company may establish or acquire and maintain one or more trust offices anywhere in this state, or outside the state of New York, either in the United States or in foreign countries. 2. A trust company seeking to establish or acquire and mainta…

§ 106. Deposits by banks and trust companies with other banking corporations and private bankers; restrictions. 1. No bank or trust company shall deposit any of its funds with any other foreign or domestic banking corporation or private banker in an amount exceeding one hundred …

§ 107. Reserves against deposits. 1. Every bank and trust company shall maintain total reserves against its demand and time deposits in such ratios as the superintendent of financial services shall by regulation impose. If the principal office or any branch of such bank or trust…

§ 107-a. Security for public deposits. 1. As used in this section, the following terms shall have the following meanings: (a) "Public depositary". A bank, trust company or other depositary, whether state or federally chartered, authorized to accept and hold deposits of public fu…

§ 108. Rates of interest; installment obligations; personal loan departments. 1. Except as otherwise provided in this section, no bank or trust company shall take, receive, reserve or charge on any loan or discount made, or upon any note, bill of exchange or other evidence of de…

§ 108-a. Acceptance of United States currency. No bank or trust company shall impose a fee, commission or service charge for accepting for deposit or exchanging for other United States currency any United States currency provided that any coins are properly rolled and have the c…

§ 109. Closing of books; profits; how to be computed. 1. Every bank and every trust company shall close its books not less frequently than annually for the purpose of transferring its net profits to the undivided profits and surplus fund accounts. 2. To determine the amount of g…

§ 11. Department of financial services; official documents;\ndestruction of documents; official communications. 1. The department\nshall be charged with the execution of the laws relating to the\nindividuals, partnerships, corporations and other entities to which this\nchapter i…

§ 110. Surplus fund; of what composed, and for what purposes used. Every bank and every trust company shall create a fund to be known as a surplus fund. Such fund may be created or increased by contributions, by transfers from undivided profits, or from net profits. Such fund sh…

§ 111. Profits; credits to surplus fund and to undivided profits. In any case where the combined capital stock, surplus fund and undivided profits of a bank or trust company do not equal ten per centum of its net deposit liabilities, the superintendent of financial services may …

§ 112. Dividends; payable from net profits; restrictions. 1. The directors of a bank or trust company may annually, semi-annually or quarterly, but not more frequently unless authorized by the superintendent by regulation or otherwise, declare such dividends as they deem judicio…

§ 113. Change of location; change of designation of principal office. Any bank or trust company may make a written application to the superintendent, such application to be accompanied by an investigation fee as prescribed pursuant to section eighteen-a of this chapter, for leav…

§ 114. Assessment of stockholders to make good impairment of capital stock; sale of stock. Whenever the superintendent shall have made requisition upon any bank or trust company pursuant to the provisions of article two of this chapter to make good the amount of an impairment of…

* § 12-a. Power of state chartered banking institutions to exercise the rights of counterpart federally chartered banking institutions. 1. Definitions. (a) As used in this section, "state chartered banking institution" shall mean any bank, trust company, private banker, savings …

§ 121. Reports to directors. The board of directors shall, at least once in each year by resolution duly recorded in the minutes, designate an officer or officers whose duty it shall be to prepare and submit, either to each director present at each regular meeting of the board, …

§ 122. Examinations of banks and trust companies by directors; employment of assistants. 1. It shall be the duty of the board of directors of every bank and every trust company once in each calendar year to examine, or cause a committee of at least three of its members to examin…

§ 123. Reports of directors' examinations. 1. A report in writing of any examination made pursuant to the requirements of section one hundred twenty-two of this article, shall be presented to the board of directors of such bank or trust company at their next regular meeting afte…

§ 124. Communications from department of financial services to be submitted to directors and noted in minutes. Any officer of a bank or trust company who receives from the office of the superintendent an official communication as defined in article two of this chapter shall subm…

§ 125. Reports to superintendent; penalty for failure to make. 1. Within fifteen days after service upon it of the notice provided for by section thirty-seven of this chapter, every bank and every trust company shall make a written report of its financial condition to the superi…

§ 128. Preservation of books and records. Every bank and every trust company shall preserve all its records of final entry, including cards used under the card system and deposit tickets, for a period of at least six years from the date of making the same or from the date of the…

§ 129. Requirement of notice on withdrawal of certain time deposits; notice to superintendent. In the event that any bank or trust company shall elect to require that thirty or more days' notice be given before time deposits payable only on presentation of a passbook may be with…

§ 129-a. Requirement of written notification; alternative payment schedules. In the event that any bank or trust company shall permit a customer to establish an alternative payment schedule for an existing loan, the bank or trust company shall provide written notification that a…

§ 130. Restrictions on officers, directors and employees. 1. No officer, director, clerk or other employee of any bank or trust company, and no person in any way interested or concerned in the management of its affairs, shall, acting on his own behalf or for any partnership or u…

§ 131. Prohibitions against encroachments upon certain powers of banks and trust companies. 1. No person unauthorized by law shall subscribe to or become a member of, or be in any way interested in any association, institution or company formed or to be formed for the purpose of…

§ 132. Use of sign, or words, indicating bank or trust company by unauthorized persons prohibited. No person, except a national bank, a federal reserve bank, or a corporation duly authorized by the superintendent to transact business in this state, shall make use of any office s…

§ 133. Use of banking institution name. 1. No person shall use the name of a banking institution when advertising, marketing or soliciting business which is likely to induce, directly or indirectly, the purchase of goods or services, if the reference to such institution is: (a) …

§ 134. Repayment of deposits standing in the names of minors, trustees or joint depositors; repayment where adverse claim is asserted; interpleader in certain actions; effect of claims or advices originating in, and statutes, rules or regulations purporting to be in force in occ…

§ 136. Change of national banking association into state bank by conversion or merger. 1. A national banking association may convert into or merge with a state bank under a state charter, provided that the action taken complies with federal law. Each such conversion or merger sh…