N.Y. Banking Law § 202-a: Restrictions on receiving deposits

§ 202-a. Restrictions on receiving deposits. 1. A foreign banking

corporation licensed pursuant to article two of this chapter to maintain

one or more agencies in this state shall not engage in the business of

receiving deposits in this state; provided (a) that such foreign banking

corporation may maintain for the account of others credit balances

incidental to, or arising out of, the exercise of its lawful powers; and

(b) that the superintendent of financial services is authorized to adopt

regulations that permit a foreign banking corporation, licensed pursuant

to article two of this chapter to maintain one or more agencies in this

state, to issue to a corporation, partnership, trust, unincorporated

association, joint stock association or similar association obligations

each in a principal amount of not less than one hundred thousand

dollars; and (c) that such foreign banking corporation may accept

deposits other than from citizens or residents of the United States as

the superintendent shall define by regulation.

2. A foreign banking corporation organized under the laws of a foreign

country may be licensed pursuant to article two of this chapter to

maintain a branch or branches in this state and may engage in the

business of receiving deposits in this state.

3. The superintendent of financial services shall have power to

prescribe, by specific or general regulation, to the extent to which and

the conditions upon which, the deposits and credit balances in agencies

and branches in this state of foreign banking corporations may be

established, maintained and paid out.