Legislation
SECTION 225-B
Applicability of certain sections to out-of-state banks
Banking (BNK) CHAPTER 2, ARTICLE 5-C
§ 225-b. Applicability of certain sections to out-of-state banks. 1.
Except as otherwise provided in this section, nothing in article five or
article five-B of this chapter shall apply to an out-of-state bank or
out-of-state trust company authorized to open, occupy and maintain a
branch pursuant to the provisions of this article or a trust office
pursuant to this article or to subdivision four of section one hundred
thirty-one of this chapter. Any reference in this chapter (other than in
article five or article five-B) to a foreign bank, foreign corporation
or foreign banking corporation shall be deemed to be a reference to an
out-of-state bank or out-of-state trust company authorized to open,
occupy and maintain a branch pursuant to the provisions of this article
or a trust office pursuant to this article or to subdivision four of
section one hundred thirty-one of this chapter. Notwithstanding the
foregoing, the provisions of section two hundred two-h (Repayment of
deposits standing in the names of minors, trustees, joint depositors or
custodians; interpleader in certain actions), of this chapter shall
apply with equal force and effect to out-of-state banks or out-of-state
trust companies authorized to open, occupy or maintain branches pursuant
to the provisions of this article.
2. The provisions of section three hundred ninety-nine-a, subdivision
three of section one hundred thirty, subdivision two of section one
hundred forty-three, subdivision five of section two hundred forty-seven
and subdivision five of section three hundred ninety-nine of this
chapter with respect to restrictions on executive officers or directors
of foreign banking corporations and the provisions of sections twenty,
twenty-six, thirty, thirty-one and six hundred thirty-four, subdivisions
eleven and twelve of section six hundred five, subdivision four of
section six hundred six and paragraph (a) of subdivision one of section
fourteen of this chapter, shall not apply to out-of-state banks
authorized to open, occupy or maintain branches pursuant to the
provisions of this article.
Except as otherwise provided in this section, nothing in article five or
article five-B of this chapter shall apply to an out-of-state bank or
out-of-state trust company authorized to open, occupy and maintain a
branch pursuant to the provisions of this article or a trust office
pursuant to this article or to subdivision four of section one hundred
thirty-one of this chapter. Any reference in this chapter (other than in
article five or article five-B) to a foreign bank, foreign corporation
or foreign banking corporation shall be deemed to be a reference to an
out-of-state bank or out-of-state trust company authorized to open,
occupy and maintain a branch pursuant to the provisions of this article
or a trust office pursuant to this article or to subdivision four of
section one hundred thirty-one of this chapter. Notwithstanding the
foregoing, the provisions of section two hundred two-h (Repayment of
deposits standing in the names of minors, trustees, joint depositors or
custodians; interpleader in certain actions), of this chapter shall
apply with equal force and effect to out-of-state banks or out-of-state
trust companies authorized to open, occupy or maintain branches pursuant
to the provisions of this article.
2. The provisions of section three hundred ninety-nine-a, subdivision
three of section one hundred thirty, subdivision two of section one
hundred forty-three, subdivision five of section two hundred forty-seven
and subdivision five of section three hundred ninety-nine of this
chapter with respect to restrictions on executive officers or directors
of foreign banking corporations and the provisions of sections twenty,
twenty-six, thirty, thirty-one and six hundred thirty-four, subdivisions
eleven and twelve of section six hundred five, subdivision four of
section six hundred six and paragraph (a) of subdivision one of section
fourteen of this chapter, shall not apply to out-of-state banks
authorized to open, occupy or maintain branches pursuant to the
provisions of this article.