N.Y. Banking Law § 201-a: Rights and privileges of foreign banking corporation under license; effect of revocation

§ 201-a. Rights and privileges of foreign banking corporation under

license; effect of revocation. 1. When the superintendent shall have

issued a license as provided in section twenty-six of this chapter to

any such foreign banking corporation, it may engage in the business

specified in sections two hundred and two hundred one of this article

either as an agency or as a branch at the location specified in such

license for a period not exceeding one year from the date of such

license or, if such license so provides, until such license is

surrendered or revoked. A license issued for a period not exceeding one

year may, upon the approval of the superintendent, be renewed as

provided in section twenty-six of this chapter. No such license shall be

transferable or assignable. Every such license shall be at all times

conspicuously displayed in the place of business specified therein. In

the event that such license shall have been revoked by the

superintendent, as provided in article two of this chapter, it shall be

surrendered to the superintendent within twenty-four hours after such

corporation has received written notice of such revocation.

2. Whenever the superintendent shall have revoked any such license and

shall have taken the action to make such revocation effective specified

in article two of this chapter, all the rights and privileges of such

foreign banking corporation to transact the business thus licensed shall

forthwith cease and determine.