N.Y. General City Model 772/66 § 11: Definitions

§ 11. Definitions. When used in this subpart:

1. The term "financial corporation" means every corporation doing a

banking business as defined in this section, other than a national

banking association, a trust company all of the capital stock of which

is owned by not less than twenty savings banks organized under a law of

this state, or a corporation taxable under part two of this title, and

shall include the mortgage facilities corporation created by chapter

five hundred sixty-four of the laws of nineteen hundred fifty-six.

2. The word "paid, " for the purpose of the deductions and credits

under this subpart, means "paid or accrued" or "paid or incurred," and

the terms "paid or incurred" and "paid or accrued" shall be construed

according to the method of accounting upon the basis of which the net

income is computed, under this subpart. The term "received," for the

purpose of the computation of net income under this subpart means

"received or accrued" and the term "received or accrued" shall be

construed according to the method of accounting upon the basis of which

the net income is computed under this subpart.

3. The word "dividend" means any distribution made by a corporation to

its shareholders or members, out of its earnings or profits, whether in

cash, or in property other than stock of the corporation.

4. The words "doing a banking business" means doing such business as a

corporation may be created to do under articles three, five, five-a, six

and seven of the banking law, or doing any business which a corporation

is authorized by such articles to do.

5. The words "foreign banker doing a banking business" in the city,

include every foreign corporation doing a banking business in the city,

except a national banking association.

6. The words "savings and loan association" means every corporation

doing such business as a corporation may be created to do under article

ten of the banking law, including every federal savings and loan

association organized under authority of the United States.