NY Banking L § 25 (2021)
2021 New York Laws BNK - Banking Article 2 - Department of Financial Services; Superintendent of Financial Services; Supervisory and Regulatory Powers 25 - Authorization Certificate; When and to Whom Issued; Contents; Filing and Recording.

§ 25.  Authorization  certificate;  when and to whom issued; contents;   filing and recording.  1.  If  the  superintendent  shall  find  that  a   corporation  or  private  banker,  the  certificate  of  which  has been   approved and filed as provided in section twenty-four of  this  article,   has  in  good  faith  complied  with  all  the  requirements  of law and   fulfilled all the conditions precedent to commencing business imposed by   this chapter, the superintendent shall, within  ninety  days  after  the   date  of such approval, issue and execute under the official seal of the   department, in triplicate, an authorization certificate to the person or   persons named in  such  organization  certificate  or  private  banker's   certificate.    Notwithstanding   the   preceding   sentence,   if   the   superintendent determines it  is  consistent  with  the  declaration  of   policy  contained in section ten of this article, the superintendent may   extend  the  period  within  which  the  superintendent  may  issue  the   authorization  certificate  by  (i) an additional ninety days, provided,   however, that he or she shall have determined  that  such  extension  of   time  is  needed for raising capital, for fulfilling any other condition   precedent to the commencement of business or for  satisfying  any  other   requirement of organization, whether imposed by statute or regulation or   otherwise,  or  (ii)  such longer period of time as he or she shall deem   appropriate, provided, however, that he or  she  shall  have  determined   that  extraordinary  circumstances exist. Such authorization certificate   shall state that the corporation or private  banker  named  therein  has   complied  with  the provisions of this chapter and that it is authorized   to  transact  the  business  specified   therein.   Such   authorization   certificate  shall  be conclusive evidence that all conditions precedent   have been fulfilled and that the corporation has been formed under  this   chapter,  except  in  an  action  or  special  proceeding brought by the   superintendent or the attorney general. The superintendent  shall  cause   one  of  the  triplicate authorization certificates to be transmitted to   the  corporation  or  private  banker  thereby  authorized  to  commence   business,  another  to be filed in the office of the department, and the   third to be filed in the county clerk's office in which the organization   certificate or the private banker's  certificate  has  been  filed.  The   copies  of  the  authorization  certificate  filed in the offices of the   superintendent and the county clerk shall be attached to the  copies  of   the  organization certificate or private banker's certificate previously   filed and  such  certificates  shall  be  recorded  in  the  records  of   incorporation therein.2.   Any   corporation   which  shall  not  receive  an  authorization   certificate within the time period provided by subdivision one  of  this   section shall forfeit its rights and privileges as a corporation and its   corporate powers shall cease and determine.3. Any corporation which shall not commence business within six months   after  the  date on which its authorization certificate is issued by the   superintendent shall forfeit its rights and privileges as a  corporation   and  its  corporate  powers  shall  cease  and determine unless the time   within which such business may be commenced has  been  extended  by  the   superintendent.  Upon satisfactory cause being shown, the superintendent   may grant one or more extensions. Such extension  shall  be  granted  by   order  executed,  transmitted  and  filed  in the manner provided for an   authorization certificate in subdivision one of this section.