N.Y. Banking Law 161 – Authorization certificate
§ 161. Authorization certificate. If the superintendent shall issue an authorization certificate as provided in article two of this chapter, such individual or partnership may engage in the business of banking including receiving deposits subject to check or for repayment upon the presentation of a pass book, certificate of deposit or other evidence of debt, or upon the request of the depositor, or in the discretion of such individual, or partnership; receiving money for transmission; discounting or negotiating promissory notes, drafts, bills of exchange or other evidences of debt; and buying or selling exchange, coin or bullion at the location specified in such authorization certificate, subject to all the restrictions and limitations contained in this chapter. In conducting such business a private banker may make use of the words "bank," "banker" or "banking" or their equivalent or any derivative or compound thereof.
Terms Used In N.Y. Banking Law 161
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.