26 - Licenses to foreign banking corporations; renewal. - New York Statutes

§ 26. Licenses to foreign banking corporations; renewal. Upon receipt of an application in proper form of any foreign banking corporation for leave to do business in this state under the provisions of article five of this chapter, the superintendent, if he or she shall find after investigation and examination of what he or she deems to be the best sources of information that the character, responsibility and general fitness of the person or persons named in such application are such as to command confidence and warrant belief that the business of such foreign banking corporation will be honestly and efficiently conducted in accordance with the intent and purpose of this chapter and that the public convenience and advantage will be promoted by granting such foreign banking corporation leave to do business in this state, shall submit such application to the banking board together with a summary of the results of such investigation. If three-fifths of the members of the board shall vote for approval of such application, the superintendent shall execute and issue a license under the official seal of the department authorizing such applicant to carry on such business at the place designated in the license. Such license shall be executed in triplicate and the superintendent shall cause one copy to be transmitted to the applicant, another to be filed in the office of the department and the third to be filed in the office of the clerk of the county in which the place of business designated in such license is located. A license issued to such foreign banking corporation pursuant to this section shall remain in full force and effect until surrendered or revoked.