2023 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.