223-B - Initial entry by out-of-state banks by de novo branching. - New York Statutes

§ 223-b. Initial entry by out-of-state banks by de novo branching. In addition to the authority of an out-of-state bank to maintain a branch or branches by means of an acquisition transaction, an out-of-state bank may enter New York by establishing one or more de novo branches in this state; provided, however, that in each instance the laws of the jurisdiction where the out-of-state bank has its principal office expressly authorize a New York bank to establish one or more de novo branches under conditions no more restrictive than those imposed by this section as so determined by the superintendent.