202-f. Restrictions on loans, purchases of securities and total liabilities of any one person to New York branch or agency of foreign bank. Before opening a branch or agency in this state, and annually thereafter so long as a branch or agency is maintained in this state, a foreign banking corporation, licensed pursuant to article two of this chapter, shall certify to the superintendent the amount of its paid-in capital stock, its surplus fund and its undivided profits, each expressed in the currency of the country of its incorporation, the dollar equivalent of which amount, as determined by the superintendent, shall be deemed to be the amount of its capital stock, surplus fund and undivided profits. Loans, purchases and discounts of notes, bills of exchange, bonds, debentures and other obligations, and extensions of credit and acceptances by a branch or agency of a foreign banking corporation within this state shall be subject to the same limitations as to amount in relation to capital stock, surplus fund, and undivided profits as are applicable to banks and trust companies pursuant to article three of this chapter, provided, however, that with the prior approval of the superintendent of financial services, the capital notes and capital debentures of such foreign banking corporation may be treated as capital stock in computing such limitations.
Last modified: February 3, 2019