N.Y. Banking Law § 202-g: Succession to agency by branch and to branch by agency

§ 202-g. Succession to agency by branch and to branch by agency.

Notwithstanding any other provision of this chapter, the superintendent

may, subject to such regulations as he may adopt, authorize the

conversion of a foreign banking corporation agency to a branch or the

conversion of a foreign banking corporation branch to an agency.

When a foreign banking corporation shall be licensed to conduct in

this state a branch in lieu of an agency theretofore conducted by it or

to conduct an agency in this state in lieu of a branch theretofore

conducted by it, the preceding form of organization shall, with the

approval of the superintendent, be converted into the succeeding form of

organization of such foreign banking corporation and all of the

liabilities of such foreign banking corporation previously payable at

the office where such preceding form of organization shall have been

conducted shall thereafter be payable at the office of the successor

form of organization.

In the event that the successor form of organization shall succeed to

assets in which it would not have had legal power to invest in its

successor form, or, in the event the successor form of organization

shall succeed to liabilities which the successor form of organization

would not have had power to incur, it shall liquidate such assets or

liabilities within the next succeeding twelve calendar months unless the

superintendent shall, in his discretion, extend such period of time in

the interest of the orderly conduct of such branch or agency.