reglab/statecodes huggingface dataset:
2023 New York Laws › BNK - Banking › Article 11-A - Credit Union Insurance Fund › 490-E - Powers and Duties of Trustee or Trustees.

§  490-e.  Powers  and  duties of trustee or trustees. It shall be the
  duty of the corporate trustee or the board of trustees, as the case  may
  be, to collect the initial contribution to the fund, to call for, and to
  collect by legal proceedings if necessary, such subsequent contributions
  as  become  payable  under the terms of the agreement, and to administer
  the fund so created in accordance with the terms of the agreement.  Such
  part  of  the  fund as is not required to be kept on hand or in bank for
  the purpose of meeting and satisfying demands made by the superintendent
  pursuant to the next succeeding section, may be invested in  obligations
  of  the United States and of the state of New York, and of any county or
  municipality of the state of New York.
2023 New York Laws › BNK - Banking › Article 11-A - Credit Union Insurance Fund › 490-F - Powers of Superintendent to Obtain Payment From Fund.

§  490-f. Powers of superintendent to obtain payment from fund. In any
  case where the superintendent has taken possession of any party  to  the
  agreement  and has been engaged in the liquidation thereof for one year,
  he may demand of the trustee or trustees payment to him from the fund of
  such sum as shall be necessary to  enable  him  to  pay  a  dividend  on
  account  of  insured  shares  which  taken  together  with any dividends
  previously paid on account thereof will equal fifty per  centum  of  the
  established  insured claim of shareholders. At the end of two years from
  the date upon which the superintendent took possession of any such party
  to the agreement he may demand of the trustee or trustees payment to him
  from the fund of such additional sum as shall be necessary to enable him
  to pay a dividend on account of insured shares which taken together with
  dividends previously paid on account thereof  shall  equal  seventy-five
  per  centum  of  such established insured claims of shareholders. At the
  end of three years from the date  upon  which  the  superintendent  took
  possession of any party to the agreement he may demand of the trustee or
  trustees payment to him from the fund of such additional sum as shall be
  necessary  to  enable  him to pay the unpaid balance of such established
  insured  claims  of  shareholders.  Any   payments   demanded   by   the
  superintendent  shall  be  paid  to  him from the fund by the trustee or
  trustees within thirty days of the date of such demand. Any sum realized
  by the superintendent from the liquidation of any party to the agreement
  after shareholders have been paid in full, shall be paid by him  to  the
  trustee  or  trustees  of the fund to the extent of the aggregate of the
  sums paid by the trustee or trustees to  the  superintendent  under  the
  provisions of this section.
2023 New York Laws › BNK - Banking › Article 11-A - Credit Union Insurance Fund › 490-G - Payment of Liquidating Dividends on Uninsured Shares.

§  490-g. Payment of liquidating dividends on uninsured shares. In the
  event of liquidation by the superintendent of any credit union which  is
  a party to the agreement, he shall pay on account of its uninsured share
  liabilities  and  deposit  liabilities, dividends in the same manner and
  amount as he  would  pay  on  account  thereof  if  none  of  the  share
  liabilities of such credit union were insured.
2023 New York Laws › BNK - Banking › Article 11-A - Credit Union Insurance Fund › 490-H - Exemption of Fund From Taxation.

§ 490-h.  Exemption  of  fund  from taxation. The fund provided for by
  this article and the income thereof shall be exempt  from  all  taxation
  now  or  hereafter  imposed  by  the state of New York or by any county,
  municipality or local authority or subdivision.
2023 New York Laws › BNK - Banking › Article 11-A - Credit Union Insurance Fund › 490-I - Liability for Payment of Contributions.

§ 490-i.  Liability  for  payment  of  contributions. Any credit union
  which is a party to the agreement provided for by this article shall  be
  liable  for the payment of any contribution called for by the trustee or
  trustees pursuant to such agreement in the same manner as  it  would  be
  liable for the payment of a debt otherwise contracted.
2023 New York Laws › BNK - Banking › Article 11-A - Credit Union Insurance Fund › 490-J - Powers of Credit Unions With Respect to Agreement.

§ 490-j. Powers of credit unions with respect to agreement. Any credit
  union  organized  under  the  provisions  of this chapter shall have the
  power to become a party to the agreement provided for by  this  article,
  and  to  take  all  actions  authorized or required by the terms of such
  agreement and to pay all contributions provided for  therein.  Any  such
  contributions  paid  into the fund by any party to such agreement may be
  carried on its books by such party as an asset to the extent  authorized
  by the superintendent.
2023 New York Laws › BNK - Banking › Article 11-B - Sales Finance Companies › 492 - License.

§ 492. License. 1. No person, except a bank, savings bank, savings and
loan   association,   trust   company,  private  banker,  credit  union,
investment company organized under article twelve of  this  chapter  and
authorized   to   accept   deposits,   national  bank,  federal  savings
association, federal credit union, or out-of-state state bank,  as  such
term  is defined in subdivision two of section two hundred twenty-two of
this chapter, or lender  licensed  pursuant  to  article  nine  of  this
chapter, shall engage in the business of a sales finance company in this
state  without  a  license therefor obtained from the superintendent, as
provided in this article.
1-a. Subdivision one of this section does not  apply  to  corporations
subject  to  the  insurance  law  and  corporations  and private bankers
subject to the banking law in exercising the powers granted to  them  by
chapter  eight  hundred  ninety-seven  of  the  laws of nineteen hundred
thirty-four as heretofore or hereafter enacted.
2. Application for a license required under this article shall  be  in
writing,  under  oath, and in the form prescribed by the superintendent,
and shall contain the following:
(a) The exact name of the applicant  and  date  of  incorporation,  if
incorporated;
(b)  The  complete  address  where  the  business  is to be conducted,
showing the street and number, if any,  the  office  building  and  room
number, if any, and the municipality and county;
(c)  If  the  applicant  has  one  or  more  branches, subsidiaries or
affiliates operating in this state, the complete address  of  each  such
place of business; and
(d)  The  name  and  resident  address of the owner or partners of the
applicant or,  if  a  corporation  or  association,  of  the  directors,
trustees  and  principal  officers, and of any stockholder owning twenty
per centum or more of its stock; and
(e)  Such  other  pertinent  information  as  the  superintendent  may
require.
3.  Where  an  applicant operates several places of business, separate
applications for license shall be made for each such place of business.
4. At the time of filing an application  for  license,  the  applicant
shall pay to the superintendent an investigation fee.
The  investigation  fee  shall  be  as  prescribed pursuant to section
eighteen-a of  this  chapter,  except  that,  when  an  applicant  files
applications  for  licenses  for three or more places of business at the
same time, the total investigation fee for all the applications shall be
three times the amount as prescribed pursuant to section  eighteen-a  of
this chapter.
2023 New York Laws › BNK - Banking › Article 11-B - Sales Finance Companies › 494 - License Form; Posting; Limitations.

§ 494.  License  form;  posting;  limitations.  1. Each license issued
  under this article  shall  state  the  address  at  which  the  licensed
  business  is  to  be  conducted  and  shall  state fully the name of the
  licensee and, if the licensee is a  copartnership  or  association,  the
  names  of  the members thereof, and if a corporation, the date and place
  of its incorporation and the address of its principal place of business.
  Such license shall  be  kept  conspicuously  posted  in  the  licensee's
  specified place of business and shall not be transferable or assignable.
2.  Whenever  any  licensee hereunder changes its place of business to
  another location, it shall give immediate written notice thereof to  the
  superintendent,  who  shall  without  charge  attach  to  the license or
  endorse on it in writing a record of the change and  the  date  thereof,
  which  shall  be  authority for the operation of the business under such
  license at such new location.
3. No person, except a licensee, may make any representation, directly
  or indirectly, orally or in writing, that  he  is  licensed  under  this
  article,  and  a  licensee  may  make  such  a  representation  only  in
  connection with the licensee's business as a sales finance  company  and
  in accordance with any rules and regulations of the superintendent.
2023 New York Laws › BNK - Banking › Article 11-B - Sales Finance Companies › 497 - Investigations and Examinations.

§ 497.  Investigations  and  examinations. 1. The superintendent shall
  have the power to make such investigations as he shall deem necessary to
  determine whether any licensee or any other person has violated  any  of
  the  provisions  of  this  article  or  any other law relating to retail
  instalment sales, contracts, obligations or credit  agreements,  and  to
  the  extent necessary for this purpose, he may require the attendance of
  and examine any person under oath, and shall have the  power  to  compel
  the production of all relevant books, records, accounts, and documents.
2.  The  superintendent shall have the power to make such examinations
  of the books, records, accounts and documents used in  the  business  of
  any  licensee  as  he  shall  deem  necessary  to determine whether such
  licensee has violated any of the provisions of this article or any other
  law relating to  retail  instalment  sales,  contracts,  obligations  or
  credit agreements.
3.  The  expenses  incurred  in  making  any  examination  pursuant to
  subdivision two of this  section  four  hundred  ninety-seven  shall  be
  assessed  against  and  paid  by  the  licensee so examined, except that
  traveling and subsistence expenses so incurred shall be charged  against
  and  paid  by  licensees in such proportions as the superintendent shall
  deem just and reasonable, and such proportionate charges shall be  added
  to  the assessment of the other expenses incurred upon each examination.
  Upon written notice by the superintendent of the total  amount  of  such
  assessment,  the  licensee  shall  become  liable for and shall pay such
  assessment to the superintendent.
4.  All  reports  of  examinations   and   investigations,   and   all
  correspondence   and   memoranda  concerning  or  arising  out  of  such
  examinations or investigations, including any duly authenticated copy or
  copies thereof in the possession of any licensee or  the  department  of
  financial  services,  shall be confidential communications, shall not be
  subject to subpoena and shall not be made public unless, in the judgment
  of the superintendent, the ends of justice and the public advantage will
  be subserved by the publication thereof, in which event he  may  publish
  or  authorize  the  publication  of  a  copy of any such report or other
  material referred to in this subdivision four, or any part  thereof,  in
  such manner, as he may deem proper.
2023 New York Laws › BNK - Banking › Article 11-B - Sales Finance Companies › 498 - Complaints.

§ 498.  Complaints.  1.  Any  buyer having reason to believe that this
  article, or any other law regulating retail instalment sales, contracts,
  obligations or credit agreements, has been violated by  any  person  may
  file  with  the  superintendent  a  written  complaint setting forth the
  details of such alleged violation. Upon receipt of such  complaint,  the
  superintendent,  or  any  person duly designated by him, may inspect the
  pertinent books, records, letters and contracts of any licensee, and  of
  any  retail  seller  or other person involved, relating to such specific
  written complaint.
2. The superintendent or any person duly designated by him, shall have
  the power to hold hearings upon such complaints  and  to  determine  the
  time  and  place  in  this  state,  reasonably convenient to the parties
  involved, where they shall be held.
3. The superintendent shall make findings on any complaint on which  a
  hearing has been held. The investigation, notice and hearing shall be in
  accordance  with  the  provisions  of  this  article and one copy of the
  findings shall be given to each such person involved in the complaint.
4. No licensee or other person shall  be  subject  to  examination  or
  investigation  by the superintendent except as provided in this article.
  The  superintendent  shall  have  only  such  powers  as  are  expressly
  delegated to him by this article.
2023 New York Laws › BNK - Banking › Article 11-B - Sales Finance Companies › 498-B - Regulations and Rulings.

§ 498-b.  Regulations  and  rulings.  The  superintendent of financial
  services is hereby authorized and empowered to make such  general  rules
  and  regulations, and such specific rulings, demands and findings as may
  be necessary for the proper  conduct  of  the  business  authorized  and
  licensed under and for the enforcement of this article.
2023 New York Laws › BNK - Banking › Article 11-B - Sales Finance Companies › 499 - Violations and Penalties.

§ 499.   Violations   and   penalties.  Any  person  who  violates  or
  participates in the violation of any provision of this article,  or  who
  knowingly  makes  any  incorrect  statement  of  a  material fact in any
  application, report or statement filed pursuant to this article, or  who
  knowingly  omits  to  state  any  material  fact  necessary  to give the
  superintendent any information lawfully required by him  or  refuses  to
  permit  any  lawful  investigation  or examination, shall be guilty of a
  misdemeanor and, upon conviction, shall be  fined  not  more  than  five
  hundred  dollars  or imprisoned for not more than six months or both, in
  the discretion of the court.
2023 New York Laws › BNK - Banking › Article 11-B - Sales Finance Companies › 502 - Severability.

§ 502.   Severability.  If  any  provision  of  this  article  or  the
  application thereof to any person or circumstance is held invalid,  such
  invalidity  shall  not  affect  the  remainder  of  this  article or the
  application of such provision to other persons or other circumstances.
2023 New York Laws › BNK - Banking › Article 12 › 507 - Limited Liability Investment Companies.

§ 507. Limited liability investment companies. 1. Investment companies
  which  (a)  do not accept or maintain credit balances or deposits in the
  United States, (b) do not engage in any business activity in the  United
  States  except as an incident to their international or foreign business
  or  operations,  and  (c)  conduct  business  in  compliance  with   the
  provisions  of  this  chapter,  may  be  formed  and operated as limited
  liability  investment  companies.  Such  limited  liability   investment
  companies   shall  be  formed  in  accordance  with,  shall  operate  in
  compliance with, and shall meet all of the requirements of  the  limited
  liability  company  law  and this chapter, except that to the extent any
  provision of the limited liability company  law  shall  be  inconsistent
  with  the  provisions  of  this  chapter, the provisions of this chapter
  shall govern;  provided,  however,  that  limited  liability  investment
  companies shall not have perpetual existence.
2.  Notwithstanding  any  other  provision  of this chapter, a limited
  liability investment company shall dissolve and  its  affairs  shall  be
  wound  up  upon  the  occurrence of any event specified in section seven
  hundred  one  of  the  limited  liability  company  law.  Upon  such   a
  dissolution,  the provisions of this chapter shall govern the winding up
  of the affairs of the  limited  liability  investment  company  and  the
  distribution  of  its  assets.  Further, upon such a dissolution, if the
  members of a limited liability investment company wish to  continue  the
  existence  of  the  company  and  meet the requirements of section seven
  hundred one of the limited liability company law, they shall  apply  for
  and may receive the approval of the superintendent for a new articles of
  organization and new authorization certificate.
3.  For  a  period  of  one  year following the effective date of this
  section, investment companies which have been formed and  are  operating
  pursuant  to  this  article  and  article fifteen of this chapter on the
  effective date of this section,  and  which  meet  the  requirements  of
  subdivision  one  of  this  section,  may convert into limited liability
  investment companies provided they meet all of the other requirements of
  this chapter as if they were newly formed companies and subject  to  the
  approval of the superintendent of financial services.
4.  The superintendent is hereby authorized and empowered to make such
  general rules  and  regulations  as  may  be  necessary  and  proper  to
  effectuate  the provisions of this chapter relating to the formation and
  operation of limited liability investment companies.
2023 New York Laws › BNK - Banking › Article 12 › 509 - Restrictions on Powers of Investment Companies.

§ 509.  Restrictions  on powers of investment companies. An investment
  company shall not:
1. Exercise within this state the powers conferred by subdivision  two
  of  section  five  hundred eight of this chapter, unless it shall have a
  paid-up capital stock of at least two million dollars.
2. Deposit any of its funds with any other moneyed corporation  unless
  such  other corporation has been designated as such depositary by a vote
  of a majority of the directors of the investment company,  exclusive  of
  any director who is an officer, director or trustee of the depositary so
  designated;  provided,  however, that this limitation shall not apply to
  the deposit of funds by  an  investment  company  with  another  moneyed
  corporation,  which  owns all or a majority of the capital stock of such
  investment company.
3. Be the holder of any shares of its own capital  stock  unless  such
  stock  shall  have  been  taken  to  prevent loss upon a debt previously
  contracted in good faith, and stock so acquired shall, within six months
  from the time of its acquisition, be sold or disposed of  at  public  or
  private  sale;  nor  shall  it,  either directly or indirectly, make any
  discount to any person for the purpose of enabling him  to  pay  for  or
  hold  shares of its stock either subscribed for or purchased by him. Any
  investment company making any such discount shall forfeit to the  people
  of the state twice the amount of such discount.
4.  Except  as provided in section five hundred eight of this article,
  engage in the business of receiving deposits;  provided,  however,  that
  nothing  contained  in  this article shall prevent an investment company
  from maintaining for the account of others  credit  balances  incidental
  to,  or  arising  out  of,  the  exercise  of its lawful powers, but the
  superintendent of financial services shall have power to  prescribe,  by
  specific  or general regulation, the extent to which, and the conditions
  upon which, such credit balances may be established, maintained and paid
  out.
2023 New York Laws › BNK - Banking › Article 12 › 510 - Restrictions as to Entries in Books.

§ 510.  Restrictions  as to entries in books. 1. No investment company
  shall by any system of accounting or any device of bookkeeping, directly
  or indirectly enter any of its assets upon its books in the name of  any
  other    individual,    partnership,   unincorporated   association   or
  corporation, or under  any  title  or  designation  that  is  not  truly
  descriptive thereof.
2.  Every  investment company shall conform its methods of keeping its
  books and records to such orders in respect thereto as shall  have  been
  made and promulgated by the superintendent pursuant to the provisions of
  article  two  of  this  chapter.  Any investment company that refuses or
  neglects to obey such order shall be subject to a penalty in  an  amount
  as  determined  pursuant  to section forty-four of this chapter for each
  day it so refuses or neglects.
2023 New York Laws › BNK - Banking › Article 12 › 511 - Change of Location; Change of Designation of Principal Office.

§ 511.  Change of location; change of designation of principal office.
  Any  investment  company  may  make  a  written   application   to   the
  superintendent,  such  application to be accompanied by an investigation
  fee as prescribed pursuant to section eighteen-a of  this  chapter,  for
  leave  to  change  its place or one of its places of business to another
  place or for leave to change the designation of its principal office  to
  a  branch  office  and  to  change  the designation of one of its branch
  offices to its principal office. The application shall state the reasons
  for such proposed change, and shall  be  accompanied  by  a  copy  of  a
  resolution  authorizing  the  making  of the application, certified by a
  principal officer of the investment company to have been adopted by vote
  of a majority of its entire board of directors. If the proposed place of
  business is within the limits of the village, borough or city, if  in  a
  city not divided into boroughs, in which the place of business sought to
  be changed is located, such change may be made upon the written approval
  of  the  superintendent;  if  beyond such limits, notice of intention to
  make such application, signed by a principal officer of the corporation,
  shall be published once a week for two successive weeks in  a  newspaper
  to  be  designated  by the superintendent for the purpose, in accordance
  with  the  provisions  of  article  two  of   this   chapter.   If   the
  superintendent shall grant his or her certificate authorizing the change
  of  location, as provided in article two of this chapter, the investment
  company may, upon or after the day specified in the certificate,  remove
  its property and effects to the location designated therein.
Anything contained in this chapter to the contrary notwithstanding, an
  investment company to which the provisions of subdivision two of section
  thirty-six  of  this chapter are inapplicable may change the location of
  its place or one of its places of  business  to  another  place  or  may
  change  the  designation  of its principal office to a branch office and
  change the designation of one of its branch  offices  to  its  principal
  office,  without  applying or obtaining authorization therefor under the
  provisions of this section or article two of this chapter, but  no  such
  change  shall  be  made  by  an  investment  company until it shall have
  notified the superintendent in writing of the new  location  or  of  the
  change of designation of its principal office.
If the newly designated principal office be in a different county than
  the county in which the principal office is located immediately prior to
  the  change, the superintendent shall file in the office of the clerk of
  each such county a certificate stating that such change has been made by
  the investment company.
2023 New York Laws › BNK - Banking › Article 12 › 512 - Communications From Department of Financial Services Must Be Submitted to Directors and Noted in Minutes.

§ 512.  Communications  from  department of financial services must be
  submitted  to  directors  and   noted   in   minutes.   Every   official
  communication  as  defined in article two of this chapter directed to an
  investment company or to any officer thereof shall be submitted, by  the
  officer  receiving  it, to the board of directors at the next meeting of
  such board, and duly noted in the minutes of the meetings of such board.
2023 New York Laws › BNK - Banking › Article 12 › 513 - Reports to Superintendent.

§ 513.  Reports to superintendent. On or before the first day of April
  in each year, every investment company shall make a  written  report  to
  the superintendent of financial services which shall contain a statement
  of its condition on the morning of the first day of January in said year
  and  shall  be  in  the  form  and contain the matters prescribed by the
  superintendent. The  superintendent  may,  however,  in  his  discretion
  accept  from  an  investment  company  which  has  branches in a foreign
  country or countries, a report containing a statement of  its  condition
  as  of  a  date  not later than the first day of January and not earlier
  than the first day of November in the preceding year. Every such  report
  shall be subscribed and affirmed as true under the penalties of perjury,
  according  to  the  best  of  their  knowledge  and  belief,  by the two
  principal officers of  the  investment  company  at  the  time  of  such
  subscription,  and shall state that the usual business of the investment
  company has been transacted at the location  or  locations  required  by
  this article and not elsewhere.
Every  such  investment  company  shall  also  make such other special
  reports to the superintendent as he may from time to time require, which
  shall be in such form and filed at such date as may be prescribed by the
  superintendent and shall, if required by him, be subscribed and affirmed
  as true under the penalties of perjury.
2023 New York Laws › BNK - Banking › Article 12 › 514 - Liability of Investment Company for Assessments by Superintendent.

§ 514.   Liability   of   investment   company   for   assessments  by
  superintendent.    When  the  superintendent,  pursuant  to  the  powers
  conferred  on  him by article two of this chapter, shall have levied any
  assessment upon any investment company and shall have duly notified such
  investment company of the amount thereof, the amount so  assessed  shall
  become  a  liability  of and shall be paid by such investment company to
  the superintendent.
2023 New York Laws › BNK - Banking › Article 12 › 515 - Preservation of Records of Investment Company.

§ 515. Preservation of records of investment company. Every investment
  company  shall  preserve all its records of final entry, including cards
  used under the card system and deposit tickets, for a period of at least
  six years from the date of making the same or from the date of the  last
  entry  thereon;  provided,  however,  that  preservation of photographic
  reproduction thereof or records in photographic  form  shall  constitute
  compliance with the requirements of this section.
2023 New York Laws › BNK - Banking › Article 12 › 516 - Restrictions on Officers, Directors and Other Employees.

§ 516.  Restrictions  on  officers,  directors and other employees. No
  officer, director, clerk or other employee of  any  investment  company,
  and  no  person  in any way interested or concerned in the management of
  its affairs, shall as individuals discount, or directly  or  indirectly,
  make  any  loan  upon any note or other evidence of debt, which he shall
  know to have been offered for discount to such corporation, and to  have
  been refused. Every person violating the provisions of this subdivision,
  shall,  for  each  offense, forfeit to the people of the state twice the
  amount of the loan which he shall have made.
No executive officer or  director  of  any  investment  company  shall
  borrow,  directly or indirectly, from such investment company any sum of
  money  if  the  transaction  would  not  be  permissible   pursuant   to
  subdivision  eight  of  section one hundred three of this chapter in the
  case of an executive officer or director, as the case may be, of a  bank
  or trust company.
Vacancies in the board of directors occasioned by resignations, deaths
  or  other  cause  shall  be  reported  by each investment company to the
  superintendent within ten days  after  the  event;  and  the  investment
  company  shall  likewise  report each election by the board to fill such
  vacancy with the name, address and occupation of the person elected  and
  the name of the person whose place he fills.
2023 New York Laws › BNK - Banking › Article 12 › 517 - How Net Earnings Credited for Dividend Purposes, Credits to Surplus Fund and to Undivided Profits, Dividends to Stockholders.

§ 517.  How  net  earnings  credited for dividend purposes, credits to
  surplus fund and to undivided profits, dividends to  stockholders.  When
  the net earnings of an investment company having preferred shares issued
  and  outstanding have been determined at the close of a dividend period,
  if the surplus fund does not equal twenty per centum of  the  investment
  company's  capital,  one-tenth of such net earnings shall be credited to
  the surplus fund, or so much thereof, less than one-tenth, as will  make
  such  fund  equal twenty per centum of such capital. The balance of such
  net earnings, or the entire amount thereof  if  such  fund  equals  such
  twenty  per  centum,  may be credited to the investment company's profit
  and loss account; or, if its  expenses  and  losses  for  such  dividend
  period  exceed  its  gross earnings, such excess shall be charged to its
  profit and loss account.  The  credit  balance  of  such  account  shall
  constitute  the  undivided profits at the close of such dividend period,
  which undivided profits shall be available for dividends.
The directors of any investment company may annually, semi-annually or
  quarterly, but not more frequently, declare such dividends as they shall
  judge expedient from such undivided profits; provided, however, that the
  directors of any such company may declare a dividend in the  last  month
  of  the fiscal year of such company, in lieu of any other semi-annual or
  quarterly declaration in the same fiscal  year.  No  investment  company
  shall declare any dividends to its stockholders until it shall have made
  good   any   existing   impairment  of  its  capital  and  any  existing
  encroachment on its reserves required to be maintained against deposits.
2023 New York Laws › BNK - Banking › Article 12 › 520 - Savings Clause.

§ 520.  Savings  clause.  Nothing  in  this article contained shall be
  deemed to require the  reincorporation  of  any  corporation  heretofore
  organized under the provisions of article seven of chapter three hundred
  and  sixty-nine  of  the laws of nineteen hundred fourteen, entitled "An
  act in relation to banking corporations, and individuals,  partnerships,
  unincorporated  associations  and  corporations under the supervision of
  the banking department," constituting chapter two  of  the  consolidated
  laws,  or under the provisions of said article seven of said chapter two
  of the consolidated laws, or under the provisions of said article  seven
  of  said  chapter  as  amended,  nor  to  alter  or  affect  any rights,
  privileges, powers, benefits, or immunities granted to such corporations
  by the provisions of any law of this state. Such corporations shall have
  all of the rights, privileges, powers, benefits and immunities  provided
  by  any  laws of this state with the same effect as if such corporations
  were referred to in such laws as organized under this  article;  and  no
  further  amendment  to  any  such  laws  shall  be required to give such
  corporations such rights, privileges, powers, benefits  and  immunities.
  Except  as in this article otherwise provided such corporations shall be
  subject to all of the obligations and  duties  of  investment  companies
  organized  under  the  provisions of this article, and such corporations
  shall  have  all  of  the  rights,  privileges,  powers,  benefits   and
  immunities by this article granted to such companies.
2023 New York Laws › BNK - Banking › Article 12-A - Mutual Trust Investment Companies › 550 - Incorporation; Organization Certificate.

§ 550. Incorporation; organization certificate. When authorized by the
  superintendent  as provided in article two of this chapter, five or more
  persons may form a corporation to be known as a mutual trust  investment
  company.  Such persons shall subscribe and acknowledge and submit to the
  superintendent  at   the   superintendent's   office   an   organization
  certificate in duplicate which shall specifically state:
1.  The  name  by  which  the mutual trust investment company is to be
  known and the investment purpose of its formation  under  the  following
  section five hundred fifty-one.
2. The place where its principal office is to be located.
3. The amount of its capital stock and the number of shares into which
  such capital stock shall be divided.
4.  The  full  name,  residence and post-office address of each of the
  incorporators and the number of shares subscribed for by each.
5. The term of its existence, which may be perpetual.
6. The number of its directors, which shall not be less than five  and
  the  names and addresses of the persons who shall be its directors until
  the first annual meeting of stockholders.
Such certificate may provide for the manner in which the stock of  the
  corporation may be transferred and for the number of directors necessary
  to constitute a quorum.
When  the  superintendent  shall  have  endorsed  his  approval on the
  organization certificate as provided in article two of this chapter, the
  corporate existence shall begin.
2023 New York Laws › BNK - Banking › Article 12-A - Mutual Trust Investment Companies › 551 - Investment Powers.

§ 551. Investment powers. A mutual trust investment company may invest
  in such investments as the company may select in its discretion.
The amount of stock of any corporation which may be held by any mutual
  trust  investment company shall not exceed five per centum of the number
  of shares of stock of  such  corporation  outstanding  at  the  time  of
  investment by such mutual trust investment company.
2023 New York Laws › BNK - Banking › Article 12-A - Mutual Trust Investment Companies › 552 - Accountability.

§ 552.  Accountability. A mutual trust investment company shall not be
  responsible for ascertaining the investment powers of any fiduciary  who
  may  purchase its stocks or shares and shall not be liable for accepting
  funds from a fiduciary in violation of the  restrictions  in  any  will,
  deed  or  other  instrument  in  the absence of actual knowledge of such
  violation, and shall be accountable only to the fiduciaries who are  the
  owners of its stocks or shares.
2023 New York Laws › BNK - Banking › Article 12-A - Mutual Trust Investment Companies › 553 - Investment by Fiduciaries in Shares.

§ 553.  Investment  by fiduciaries in shares. Unless the instrument or
  the order, decree or judgment under which moneys are held in a fiduciary
  capacity prohibits such investment, an eligible fiduciary or fiduciaries
  may invest and reinvest moneys so held in shares of stock of one or more
  mutual trust investment companies as it may determine.
The net aggregate amount of  moneys  of  any  estate,  trust  or  fund
  invested in shares of a mutual trust investment company shall not at any
  time  exceed  the maximum amount permitted by such rules and regulations
  as may be promulgated by the superintendent of financial services.
"An eligible fiduciary or fiduciaries" shall be deemed to mean a trust
  company or a national banking association having  its  principal  office
  within the state of New York and acting either as sole fiduciary or with
  one or more co-fiduciaries.
2023 New York Laws › BNK - Banking › Article 12-B - Insurance Premium Finance Agencies › 555 - License.

§ 555.  License.  1.  No  person  except  a  lending institution or an
  authorized insurer shall engage in the business  of  a  premium  finance
  agency  without  a license therefor obtained from the superintendent, as
  provided in this article.
2. Application for license required under this  article  shall  be  in
  writing, and in the form prescribed by the superintendent.
3.  When  an applicant has more than one office, separate applications
  for license shall be made for each such office.
4. At the time of filing an application for a license,  the  applicant
  shall  pay to the superintendent an investigation fee. The investigation
  fee shall be as  prescribed  pursuant  to  section  eighteen-a  of  this
  chapter,  except that, when an applicant files applications for licenses
  for three or more offices at the same time, the total investigation  fee
  for  all  the  applications  shall  be three times the amount prescribed
  pursuant to section eighteen-a of this chapter.
2023 New York Laws › BNK - Banking › Article 12-B - Insurance Premium Finance Agencies › 556 - Action by Superintendent on Application.

§ 556.  Action by superintendent on application. 1. Within ninety days
  after the filing of an application for a license accompanied by  payment
  of  the  fees  for  license  and investigation, the superintendent shall
  issue the license, or the superintendent may refuse to issue the license
  if  he  shall  find  that  the  financial  responsibility,   experience,
  character  and general fitness of the applicant or any person associated
  with the applicant are not such as to  command  the  confidence  of  the
  community  and to warrant the belief that the business will be conducted
  honestly, fairly and efficiently within the purposes and intent of  this
  article.  For  the  purpose  of this subdivision, the applicant shall be
  deemed to  include  all  the  members  of  the  applicant  if  it  is  a
  partnership  or  unincorporated  association,  and all the stockholders,
  officers and directors of the applicant if it  is  a  corporation.  Such
  license  to engage in business in accordance with the provisions of this
  article at the location specified in the application shall  be  executed
  in  triplicate  by  the  superintendent  and  he shall transmit one copy
  thereof to the applicant, file a copy in the office of the department of
  financial services, and file a copy in the office of the  clerk  of  the
  county in which is located the place designated in such license.
2.  If  the superintendent refuses to issue a license, he shall notify
  the applicant of the denial, return to the applicant the sum paid  as  a
  license  fee,  but  retain  the  investigation fee to cover the costs of
  investigating the applicant.
3. Each license issued hereunder shall remain in full force and effect
  until it is surrendered by the  licensee  or  revoked  or  suspended  as
  provided in this article.
4. Only one office may be maintained under each license, but more than
  one license may be issued to the same licensee pursuant to this article.
5.  Any  person engaged in the business of a premium finance agency on
  the date this act takes effect may continue in operation  in  accordance
  with  the  provisions of this article but must obtain a license for each
  office at which he engages in the business of a premium  finance  agency
  by January first, nineteen hundred sixty-one.
2023 New York Laws › BNK - Banking › Article 12-B - Insurance Premium Finance Agencies › 557 - License Provisions and Posting.

§ 557.  License  provisions  and posting. Such license shall state the
  name  and  address  of  the  licensee,  and  if  the   licensee   be   a
  co-partnership  or association, the names of the members thereof, and if
  a corporation the date and place  of  its  incorporation.  Such  license
  shall  be  kept  conspicuously  posted in the office of the licensee and
  shall not be transferable or assignable.
2023 New York Laws › BNK - Banking › Article 12-B - Insurance Premium Finance Agencies › 558 - Change of Location.

§ 558.  Change  of location. Before any licensee changes any office of
  his to another location, he shall give written  notice  thereof  to  the
  superintendent, who shall without charge issue an endorsement indicating
  the  change and the date thereof, which endorsement shall be attached to
  the license for such office and be authority for the  operation  of  the
  business under such license at such new location.
2023 New York Laws › BNK - Banking › Article 12-B - Insurance Premium Finance Agencies › 560 - Investigations and Examinations.

§ 560.  Investigations  and  examinations. 1. The superintendent shall
  have the power to make such investigations as he shall deem necessary to
  determine whether any licensee or any other person has violated  any  of
  the  provisions  of  this article, or whether any licensee has conducted
  himself in such manner as would justify the revocation of  his  license,
  and  to  the extent necessary therefor, he may require the attendance of
  and examine any person under oath, and shall have the  power  to  compel
  the production of all relevant books, records, accounts, and documents.
2.  The  superintendent shall have the power to make such examinations
  of the books, records, accounts and documents used in  the  business  of
  any  licensee  as  he shall deem necessary to determine whether any such
  licensee has violated any of the provisions of this article.
3. The  expenses  incurred  in  making  any  examination  pursuant  to
  subdivision  two  of  this  section five hundred sixty shall be assessed
  against and paid by the licensee so examined, except that traveling  and
  subsistence  expenses  so  incurred shall be charged against and paid by
  licensees in such proportions as the superintendent shall deem just  and
  reasonable,  and  such  proportionate  charges  shall  be  added  to the
  assessment of the other expenses incurred upon  each  examination.  Upon
  written  notice  by  the  superintendent  of  the  total  amount of such
  assessment, the licensee shall become liable  for  and  shall  pay  such
  assessment to the superintendent.
4.   All   reports   of   examinations  and  investigations,  and  all
  correspondence  and  memoranda  concerning  or  arising  out   of   such
  examinations or investigations, including any duly authenticated copy or
  copies  thereof  in  the possession of any licensee or the department of
  financial services, shall be confidential communications, shall  not  be
  subject to subpoena and shall not be made public unless, in the judgment
  of the superintendent, the ends of justice and the public advantage will
  be  subserved  by the publication thereof, in which event he may publish
  or authorize the publication of a copy  of  any  such  report  or  other
  material  referred  to in this subdivision four, or any part thereof, in
  such manner as he may deem proper.
2023 New York Laws › BNK - Banking › Article 12-B - Insurance Premium Finance Agencies › 561 - Regulations and Rulings.

§ 561.   Regulations   and   rulings.  The  superintendent  is  hereby
  authorized and empowered to make such  general  rules  and  regulations,
  conduct  hearings  and  make  such specific rulings, orders, demands and
  findings as may be necessary for the  proper  conduct  of  the  business
  authorized and licensed under and for the enforcement of this article.
2023 New York Laws › BNK - Banking › Article 12-B - Insurance Premium Finance Agencies › 563 - Violations and Penalties.

§ 563.  Violations and penalties. 1. Any person, including any member,
  officer,  director  or  employee  of  a  licensee,   who   violates   or
  participates  in  the violation of any provision of this article, or who
  knowingly makes any incorrect  statement  of  a  material  fact  in  any
  application,  report or statement filed pursuant to this article, or who
  knowingly omits to  state  any  material  fact  necessary  to  give  the
  superintendent  any  information  lawfully required by him or refuses to
  permit any lawful investigation or examination, shall  be  guilty  of  a
  misdemeanor  and,  upon  conviction,  shall  be fined not more than five
  hundred dollars or imprisoned for not more than six months or  both,  in
  the discretion of the court.
2.  A  premium  finance agency's knowingly taking or receiving from or
  charging an insured a greater charge than  authorized  in  this  article
  shall be held and adjudged a forfeiture of all charges which the premium
  finance  agreement  carries with it or which have been agreed to be paid
  thereon, and if a greater charge has been paid by an insured, the person
  paying the same or his legal representative may recover from the premium
  finance agency twice the entire amount  of  the  charges  thus  paid  if
  action is brought within two years from the time of such payment.
3.  No  licensee  shall  make,  directly  or  indirectly, orally or in
  writing, or by any method, practice or device, a representation that  he
  is  licensed  under  the  banking  law except that a licensee may make a
  representation that he is licensed as a premium finance agency under the
  banking law and is licensed to finance insurance premiums.
2023 New York Laws › BNK - Banking › Article 12-B - Insurance Premium Finance Agencies › 565 - Licensee's Books and Records; Reports.

§ 565.  Licensee's  books  and records; reports. 1. The licensee shall
  keep and use in his business such books, accounts and  records  as  will
  enable   the  superintendent  to  determine  whether  such  licensee  is
  complying with the provisions of this article and  with  the  rules  and
  regulations   lawfully  made  by  the  superintendent  hereunder.  Every
  licensee shall preserve such  books,  accounts  and  records,  including
  cards used in a card system, if any, for at least six years after making
  the  final  entry  in  respect to any premium finance agreement recorded
  therein;   provided,   however,   the   preservation   of   photographic
  reproductions  thereof  or records in photographic form shall constitute
  compliance with this requirement.
2. Each licensee shall annually on or before the first day of February
  file a report with the superintendent giving  such  information  as  the
  superintendent may require concerning the business and operations during
  the preceding calendar year of each licensed place of business conducted
  by  the  licensee  within the state under the authority of this article.
  Upon good cause shown by a licensee, the superintendent may  extend  the
  time  for  filing  such report for a period not in excess of sixty days.
  Such report shall be subscribed and affirmed as  true  by  the  licensee
  under  the  penalties  of  perjury  and be in the form prescribed by the
  superintendent who  may  make  and  publish  annually  an  analysis  and
  recapitulation  of such reports. In addition to such annual reports, the
  superintendent may require  of  licensees  such  additional  regular  or
  special  reports  as  he may deem necessary to the proper supervision of
  licensees under this article.  Such additional reports shall be  in  the
  form  prescribed  by  the  superintendent  and  shall  be subscribed and
  affirmed as true under the penalties of perjury.