N.Y. Banking Law § 202-f: Restrictions on loans, purchases of securities and total liabilities of any one person to New York branch or agency of foreign bank

§ 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.