New York Banking Law Article 3 - BANKS AND TRUST COMPANIES

• 94 - Change From Bank to Trust Company; From Trust Company to Bank.
  A bank complying with the minimum capital stock requirements specified in subdivision nine of section four thousand one of this chapter may become a trust...
• 96 - General Powers.
  Every bank and every trust company shall, subject to the restrictions and limitations contained in this chapter, have the following powers: 1. To discount, purchase...
• 96-a - Servicing of Mortgages by Banks.
  1. Every bank shall, subject to the restrictions and limitations contained in this article, have the power to service mortgages, and the superintendent shall have...
• 96-b - Payroll Payment by Banks or Trust Companies.
  l. Every bank and trust company shall have the power to enter into contracts with any municipal corporation, school district, district corporation, town or county...
• 96-c - Power to Act As Trustee Under Self-Employed Retirement Trust or Individual Retirement Trust.
  Every bank without fiduciary powers may, subject to any regulations and restrictions prescribed by the superintendent of financial services, act as trustee under a retirement...
• 96-d - Banking Development Districts.
  1. * There is hereby created a banking development district program, the purpose of which is to encourage the establishment of bank branches in geographic...
• 97 - Power to Purchase Securities and Stocks.
  Subject to the restrictions and limitations contained in this chapter, a bank or trust company may invest in and have and exercise all rights of...
• 98 - Power to Take and Hold Real Estate; Restrictions.
  1. A bank or trust company may purchase, hold, lease and convey real property as follows: (a) A plot whereon there is or may be...
• 98-a - Club Accounts.
  1. No contract under which a bank or trust company agrees to repay deposits of fixed sums made at regular intervals at a given time...
• 100 - Fiduciary Powers.
  Every trust company shall have, subject to the restrictions and limitations contained in this chapter, the following powers: 1. To act as the fiscal or...
• 100-a - Fiduciary Capacities; Appointment by Court Authorized; Bond; Oath; Accounting.
  1. Executor. When any trust company is appointed executor in any last will and testament, the court or officer authorized to grant letters testamentary in...
• 100-b - Investments As Fiduciary; When Interest is to Be Paid; Preference.
  1. Investments. All investments of money received by any trust company as executor, administrator, guardian, trustee of a trust of any kind, receiver, committee, conservator...
• 100-c - Common Trust Funds.
  1. For the purpose of investment and reinvestment of moneys received and held by any trust company as executor, administrator, guardian, trustee, donee of power...
• 100-d - Foreign Common Trust Funds.
  Any banking corporation or trust company incorporated under the laws of another state which is qualified to act as executor or testamentary trustee in this...
• 101 - Additional Powers of Certain Trust Companies.
  Every trust company which at the time this act takes effect lawfully possesses and exercises the power, for hire, to examine titles to real estate,...
• 102 - Powers of Specially Chartered Trust Companies.
  Every trust company incorporated by a special law shall possess the powers of trust companies incorporated under this chapter and shall be subject to such...
• 102-a - Limited Liability Trust Companies.
  1. Trust companies which (a) do not receive deposits from the general public and (b) have been exempted by the superintendent of financial services from...
• 103 - Restrictions on Loans, Purchases of Securities, Total Liabilities and Other Credit Exposures to a Bank or Trust Company of Any One Person.
  103.* Restrictions on loans, purchases of securities and total liabilities to bank or trust company of any one person. * NB Effective until notification of...
• 104 - Entries in Books; Restrictions; Amortization of Securities.
  1. No bank or trust company shall by any system of accounting or any device of bookkeeping, directly or indirectly enter any of its assets...
• 105 - Branch Offices; Prohibition Against Doing Business At Unauthorized Places.
  1. (a) No bank or trust company or officer, director, agent or employee thereof, shall transact any part of its usual business of banking at...
• 105-a - Electronic Facilities.
  A bank or trust company may conduct a banking business, at automated teller machines, point-of-sale terminals, and similar facilities subject to regulations which may be...
• 105-b - Trust Offices.
  1. A trust company may establish or acquire and maintain one or more trust offices anywhere in this state, or outside the state of New...
• 106 - Deposits by Banks and Trust Companies With Other Banking Corporations and Private Bankers; Restrictions.
  1. No bank or trust company shall deposit any of its funds with any other foreign or domestic banking corporation or private banker in an...
• 107 - Reserves Against Deposits.
  1. Every bank and trust company shall maintain total reserves against its demand and time deposits in such ratios as the superintendent of financial services...
• 107-a - Security for Public Deposits.
  1. As used in this section, the following terms shall have the following meanings: (a) "Public depositary". A bank, trust company or other depositary, whether...
• 108 - Rates of Interest; Installment Obligations; Personal Loan Departments.
  1. Except as otherwise provided in this section, no bank or trust company shall take, receive, reserve or charge on any loan or discount made,...
• 108-a - Acceptance of United States Currency.
  No bank or trust company shall impose a fee, commission or service charge for accepting for deposit or exchanging for other United States currency any...
• 109 - Closing of Books; Profits; How to Be Computed.
  1. Every bank and every trust company shall close its books not less frequently than annually for the purpose of transferring its net profits to...
• 110 - Surplus Fund; of What Composed, and for What Purposes Used.
  Every bank and every trust company shall create a fund to be known as a surplus fund. Such fund may be created or increased by...
• 111 - Profits; Credits to Surplus Fund and to Undivided Profits.
  In any case where the combined capital stock, surplus fund and undivided profits of a bank or trust company do not equal ten per centum...
• 112 - Dividends; Payable From Net Profits; Restrictions.
  1. The directors of a bank or trust company may annually, semi-annually or quarterly, but not more frequently unless authorized by the superintendent by regulation...
• 113 - Change of Location; Change of Designation of Principal Office.
  Any bank or trust company may make a written application to the superintendent, such application to be accompanied by an investigation fee as prescribed pursuant...
• 114 - Assessment of Stockholders to Make Good Impairment of Capital Stock; Sale of Stock.
  Whenever the superintendent shall have made requisition upon any bank or trust company pursuant to the provisions of article two of this chapter to make...
• 121 - Reports to Directors.
  The board of directors shall, at least once in each year by resolution duly recorded in the minutes, designate an officer or officers whose duty...
• 122 - Examinations of Banks and Trust Companies by Directors; Employment of Assistants.
  1. It shall be the duty of the board of directors of every bank and every trust company once in each calendar year to examine,...
• 123 - Reports of Directors' Examinations.
  1. A report in writing of any examination made pursuant to the requirements of section one hundred twenty-two of this article, shall be presented to...
• 124 - Communications From Department of Financial Services to Be Submitted to Directors and Noted in Minutes.
  Any officer of a bank or trust company who receives from the office of the superintendent an official communication as defined in article two of...
• 125 - Reports to Superintendent; Penalty for Failure to Make.
  1. Within fifteen days after service upon it of the notice provided for by section thirty-seven of this chapter, every bank and every trust company...
• 128 - Preservation of Books and Records.
  Every bank and every trust company shall preserve all its records of final entry, including cards used under the card system and deposit tickets, for...
• 129 - Requirement of Notice on Withdrawal of Certain Time Deposits; Notice to Superintendent.
  In the event that any bank or trust company shall elect to require that thirty or more days' notice be given before time deposits payable...
• 130 - Restrictions on Officers, Directors and Employees.
  1. No officer, director, clerk or other employee of any bank or trust company, and no person in any way interested or concerned in the...
• 131 - Prohibitions Against Encroachments Upon Certain Powers of Banks and Trust Companies.
  1. No person unauthorized by law shall subscribe to or become a member of, or be in any way interested in any association, institution or...
• 132 - Use of Sign, or Words, Indicating Bank or Trust Company by Unauthorized Persons Prohibited.
  No person, except a national bank, a federal reserve bank, or a corporation duly authorized by the superintendent to transact business in this state, shall...
• 133 - Use of Banking Institution Name.
  1. No person shall use the name of a banking institution when advertising, marketing or soliciting business which is likely to induce, directly or indirectly,...
• 134 - Repayment of Deposits Standing in the Names of Minors, Trustees or Joint Depositors; Repayment Where Adverse Claim is Asserted; Interpleader in Certai
  134. Repayment of deposits standing in the names of minors, trustees or joint depositors; repayment where adverse claim is asserted; interpleader in certain actions; effect...
• 136 - Change of National Banking Association Into State Bank by Conversion or Merger.
  1. A national banking association may convert into or merge with a state bank under a state charter, provided that the action taken complies with...
• 136-a - Purchase of Assets of National Banking Association by Bank or Trust Company.
  1. A state bank or trust company may acquire, whether by purchase or otherwise, other than by merger, all or a substantial part of the...
• 136-b - Approval of Superintendent.
  The superintendent shall approve or disapprove of a proposed merger as authorized by section one hundred thirty-six of this article or a proposed acquisition of...
• 136-c - Effect of Merger or Conversion of National Banking Association Into State Bank.
  1. At the time when a merger or conversion under sections one hundred thirty-six and one hundred thirty-six-b of this chapter becomes effective. (a) the...
• 137 - Change of State Bank Into National Banking Association by Conversion, Merger or Consolidation.
  1. A state bank may, by vote of the stockholders owning at least two-thirds in amount of its stock, convert into, or merge or consolidate...
• 138 - Foreign Branches; Performance of Contracts and Repayment of Deposits.
  1. Notwithstanding section 1-105 of the uniform commercial code, any bank or trust company or national bank located in this state which in accordance with...
• 139 - Saving Clause.
  All banks which shall have been authorized by the superintendant to exercise fiduciary powers pursuant to this chapter, as from time to time in effect,...
• 140-a - Stock Option Plans.
  Subject to such regulations and restrictions as may be prescribed by the superintendent, every bank and every trust company may grant options to purchase authorized...

Last modified: February 3, 2019