§ 225-B. Applicability of certain sections to out-of-state banks.

318 words·~1 min read·/ny/banking/interstate-branching/225-b

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

§ 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.