N.Y. Banking Law 202-D – Foreign banking corporation may not maintain both agencies and branches in this state
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§ 202-d. Foreign banking corporation may not maintain both agencies and branches in this state. No foreign banking corporation licensed to maintain one or more agencies in this state shall be licensed to maintain a branch in this state except upon termination of the operation of such agency or agencies; and no foreign banking corporation licensed to maintain one or more branches in this state shall be licensed to maintain an agency in this state except upon termination of the operation of such branch or branches.
Terms Used In N.Y. Banking Law 202-D
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.