N.Y. Banking Law § 27: Exchange and examination of securities

§ 27. Exchange and examination of securities. 1. Any corporation,

unincorporated association, partnership or individual which shall have

deposited with the superintendent in trust any stocks or bonds in

pursuance of any requirement of this chapter, may be permitted by the

superintendent, so long as it shall continue business in the ordinary

course, from time to time to withdraw any of such stocks or bonds upon

depositing with the superintendent other stocks or bonds of the kind it

is required by this chapter to deposit with him and if the value of the

stocks or bonds so held by the superintendent exceeds the amount

required by this chapter to be so deposited, the stocks or bonds in

excess of such amount may be withdrawn without depositing others in

exchange therefor.

2. Any such corporation, unincorporated association, partnership or

individual may, at any time during ordinary business hours, examine such

stocks or bonds and compare them with the record on the books of the

department. Unless it shall deliver to the superintendent at least once

in each calendar year, a statement listing such stocks or bonds and the

amounts thereof, and stating that they are in the custody and possession

of the superintendent at the date of the statement, the state

comptroller and the superintendent shall appoint some suitable and

discreet person as agent for such corporation, unincorporated

association, partnership or individual, who shall make an examination of

such stocks or bonds. If such agent finds that the stocks or bonds held

by the superintendent agree with the records thereof on the books of the

department, he shall execute a statement in the form above described and

transmit a copy thereof to the corporation, unincorporated association,

partnership or individual in behalf of which it is made, and such

statement shall have the same force and effect as if executed by such

corporation, unincorporated association, partnership or individual.

Compensation for the services and expenses of such agent in making such

examination shall be paid as a general expense of the department.