reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 19 - International Banking Facilities › Section 19.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of this Part:
(a) The term international banking facility
				or IBF shall mean a set of asset and liability accounts for international
				banking facility time deposits and international banking facility extensions of
				credit and any related accounts, segregated on the books of a banking
				institution in accordance with the provisions of section
				19.3 
				of this Part.
(b) The term
				international banking facility time deposit or IBF time deposit shall have the
				same meaning as in regulations D (12 CFR §
										204.8 [a][2]) and Q (12
				CFR §
										217.1 [1]) of the Board of
				Governors of the Federal Reserve System.
(c) The term international banking facility
				extension of credit or IBF extension of credit shall have the same meaning as
				in regulation D (12 CFR §
										204.8 [a][3]) of the Board of Governors of
				the Federal Reserve System.
(d) The
				term banking institution shall mean any bank, trust company, private banker,
				investment company, national banking association or foreign banking corporation
				licensed pursuant to article V of the New York Banking Law or pursuant to
				section 4 of the International Banking Act of 1978 (12
				U.S.C. §
										3102)  to maintain a branch or
				agency in the State of New York, or agreement corporation or edge corporation
				authorized pursuant to section 25 or section 25(a) of the Federal Reserve Act
				to maintain a principal office or a branch in the State of New York.
(e) Any term used in this Part and not
				specifically defined herein shall have the meaning prescribed in the Banking
				Law.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 19 - International Banking Facilities › Section 19.2 - Notice of establishment of an ibf

Current through Register Vol. 46, No. 28, July 10, 2024
Any banking institution that is required pursuant to
				  regulation D of the Board of Governors of the Federal Reserve System (12 CFR §
										204.8 [e]) to notify the Federal Reserve
				  Bank of New York of its intention to establish and IBF shall simultaneously
				  submit a copy of such notification to the Superintendent of Banks. Any other
				  banking institution authorized by this Part to establish an IBF shall submit to
				  the Superintendent of Banks a notice of its intention to establish an IBF in a
				  form satisfactory to the Superintendent of Banks.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 19 - International Banking Facilities › Section 19.3 - Recordkeeping and reporting requirements

Current through Register Vol. 46, No. 28, July 10, 2024
Each banking institution establishing an IBF shall, in
				  connection with its IBF, maintain such books and records in such form as the
				  Superintendent of Banks shall prescribe; and shall submit such reports
				  concerning the operations of its IBF as the Superintendent of Banks shall
				  prescribe.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 19 - International Banking Facilities › Section 19.4 - Credit information

Current through Register Vol. 46, No. 28, July 10, 2024
Each foreign banking corporation licensed pursuant to article
				  V of the Banking Law to maintain a branch or agency in the State of New York
				  that has established an IBF shall maintain at such branch or agency, credit
				  information sufficient for adequate appraisal of IBF assets.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 21 - Reserves Against Commercial Bank Deposits › Section 21.1 - Statement of policy

Current through Register Vol. 46, No. 28, July 10, 2024
A covered institution shall mean a depository institution
				  which is required to hold reserves pursuant to the Monetary Control Act of 1980
				  ( Public Law 96-221) and the regulations of the Board of Governors of the
				  Federal Reserve System thereunder. It is the policy of the Banking Board that,
				  except as otherwise provided hereunder, every bank, trust company, private
				  banker and foreign banking corporation, authorized under State law to maintain
				  a branch or branches in this State, which is not a covered institution, shall
				  maintain reserves at such times and in relation to such deposits and other
				  balances as would be required if such institution were a covered institution.
				  Except as otherwise provided by statute, regulation or order, the
				  superintendent is authorized, but not required, to construe this Part in such
				  manner as to require institutions to which it applies to conform to the reserve
				  requirements imposed upon covered institutions.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 21 - Reserves Against Commercial Bank Deposits › Section 21.2 - Reserve amounts

Current through Register Vol. 46, No. 28, July 10, 2024
Each institution subject to this Part which is not a covered
				  institution shall maintain reserves against deposits and their equivalent (as
				  defined or interpreted by the superintendent, taking into account Federal laws
				  and regulations applicable to reserves of covered institutions) in such amounts
				  as would be required of it if it were a covered institution without regard to
				  any transitional adjustments permitted under the Monetary Control Act, except
				  that the amount of reserves required to be held in respect of net demand
				  deposits (or net transaction accounts, after November 13, 1980) pursuant to
				  this Part shall be one per centum less of such deposits than the amount
				  required to be held by covered institutions.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 21 - Reserves Against Commercial Bank Deposits › Section 21.3 - Foreign exclusion

Current through Register Vol. 46, No. 28, July 10, 2024
The provisions of this Part shall not apply to any deposit
				  account or equivalent which is payable only at an office located outside of the
				  United States.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 22 - Common Trust Funds › Section 22.1 - Plan of operation

Current through Register Vol. 46, No. 28, July 10, 2024
A copy of each plan of operation of a common trust fund and
				  any amendments thereto shall be filed with the Superintendent of Banks at least
				  30 days prior to the date on which the plan or amendments thereto become
				  effective. Each trust company acting as trustee of a common trust fund shall
				  make available for inspection by anyone during banking hours, a copy of the
				  plan of operation of such fund with amendments thereto.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 22 - Common Trust Funds › Section 22.2 - Trust investment committee

Current through Register Vol. 46, No. 28, July 10, 2024
Responsibility for the management and conduct of each common
				  trust fund shall be vested in a trust investment committee composed of at least
				  three members, who shall be capable and experienced officers or directors of
				  the trust company. This committee shall keep minutes of all its decisions and
				  activities.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 22 - Common Trust Funds › Section 22.3 - Limitation on participations

Current through Register Vol. 46, No. 28, July 10, 2024
No account shall participate, or increase its participation,
				  in a common trust fund if by doing so the total investment of that account in
				  such fund would exceed 10 percent of the market value of the fund. For the
				  purpose of this limitation, if two or more accounts are created by the same
				  person or persons and at least one half of the income or principal of each
				  account is payable or applicable to the use of the same person or persons, such
				  accounts shall be considered as one.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 22 - Common Trust Funds › Section 22.4 - Time of valuation

Current through Register Vol. 46, No. 28, July 10, 2024
At least once during each three-month period, investments
				  shall be valued by the trust investment committee. The intervals between
				  valuation dates shall be substantially equal. Any valuation shall be filed as a
				  permanent record of the common trust fund within a reasonable period after the
				  valuation date.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 22 - Common Trust Funds › Section 22.5 - Method of valuation

Current through Register Vol. 46, No. 28, July 10, 2024
The following method shall be used in the valuation of
				  investments:
(a) Investments shall be
				valued by reference to appropriate valuations applied by a generally accepted
				pricing service, or by the methods set forth in this section. All estimates,
				quotation sheets and valuations used for valuation shall be retained in the
				records of the common trust fund.
(b)
(1) In
				the case of an obligation of the United States, or of an obligation for which
				the faith of the United States is pledged for the payment of interest and
				principal, the trust investment committee may use for the valuation of such
				investment the mean of the most recent dealer bid and asked prices appearing
				within the five business days next preceding the valuation date in newspapers
				of general circulation published in the City of New York, in standard financial
				periodicals or in current dealer communications. Obligations of the United
				States which may be redeemable at less than par prior to maturity, or which are
				not salable without exchange, shall be valued at par.
(2) In the case of a security listed on a
				national securities exchange registered under section 6 of the Federal
				Securities Exchange Act of 1934 or on the NASDAQ National Market, the trust
				investment committee shall use for the valuation thereof the last reported
				sales price, unless there have been no reported sales within the five business
				days preceding the valuation date in which event the most recent bid price
				shall be used. For the purposes of this paragraph, reported sales prices and
				bid prices shall be those appearing in newspapers of general circulation
				published in the City of New York, in standard financial periodicals, or on the
				records of a registered national exchange or the National Association of
				Securities Dealers. If the trust investment committee believes that the last
				reported sales price or bid price does not fairly represent the value of the
				security, then the committee may, after expressing that view in writing for its
				records along with the reasons for it, use as an alternative, the valuation
				method in paragraph (3) of this subdivision.
(3) If neither recorded sales nor bid and
				asked prices are available, and in the case of all investments other than those
				mentioned above, except investments in mortgages, the trust investment
				committee shall obtain written estimates of the value of any such investment as
				of the valuation date from not less than two bankers, brokers, dealers or other
				persons qualified in the opinion of the trust investment committee to give an
				opinion as to the value of the investment in question. The average of such
				estimates shall be used.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 22 - Common Trust Funds › Section 22.6 - Basis of admissions and withdrawals

Current through Register Vol. 46, No. 28, July 10, 2024
For the purpose of admissions to and withdrawals from the
				  common trust, fund, the principal of the fund shall be determined by adding to
				  the value of the investments, as determined in accordance with the provisions
				  of sections
				  22.4 and
				  22.5  of this
				  Part, the uninvested cash principal and other items of principal, and by
				  deducting from the total thereof any liabilities, due or accrued, chargeable to
				  principal. For the purpose of computing the value per unit, the principal thus
				  determined shall be divided by the number of existing units and such unit value
				  together with a sum equal to the proportionate share of any income held or
				  accrued and remaining undistributed at the valuation date shall be the basis
				  for admissions to and withdrawals from the common trust fund. In determining
				  the value of a unit, fractions less than.01 percent of the original unit value
				  may be omitted. No participation shall be admitted to or withdrawn from a
				  common trust fund except on the basis of such valuation. A reasonable period,
				  not to exceed five bank business days, following the completion of each
				  valuation may be used to make the computations necessary to determine the value
				  of the fund and of the participations therein. No participation shall be
				  admitted to or withdrawn from a common trust fund unless a written request for
				  or notice of intention of taking such action shall have been entered in the
				  records of the trust company and approved by the trust investment
				  committee.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 22 - Common Trust Funds › Section 22.7 - Distribution of income

Current through Register Vol. 46, No. 28, July 10, 2024
The income of a common trust fund shall be computed on the
				  accrual basis and the apportionment of income shall be determined at each
				  valuation date. The income shall be distributed to participating estates,
				  trusts or funds not less frequently than quarter-annually, either on the basis
				  of income accrued or on the basis of income actually received. To facilitate
				  the distribution of accrued but uncollected income, the cash principal of the
				  common trust fund may be used, to the extent necessary to purchase income
				  accrued.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 22 - Common Trust Funds › Section 22.8 - Limitations

Current through Register Vol. 46, No. 28, July 10, 2024
No investment for a common trust fund shall be made in
				  stocks, bonds or other obligations of any one person, firm or corporation if as
				  a result of such investment the total amount invested in stocks, bonds or other
				  obligations issued or guaranteed by such person, firm or corporation would
				  aggregate in excess of 10 percent of the then market value of the fund,
				  provided that this limitation shall not apply to investments in direct
				  obligations of the United States or other obligations fully guaranteed by the
				  United States as to principal and interest.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 22 - Common Trust Funds › Section 22.9 - Safekeeping

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Approval of the
				superintendent must be obtained for the deposit of securities investments of a
				common trust fund with a securities depository, clearing agency, or bank
				subject to the laws of a jurisdiction outside the United States of America. The
				superintendent may approve a depository for this purpose or he may approve of a
				trust company choosing such depositories if the trust company's procedures
				warrant his confidence that the depositories chosen would be acceptable. The
				superintendent may also approve the use of subcustodians by such
				depositories.
(b) In deciding
				whether to grant approvals under subdivision (a) of this section, the
				superintendent, and trust companies given approval to choose their own
				depositories, shall consider the country risk of the jurisdiction where the
				depository is located, the legal protection given foreign securities
				depositories by the laws of that jurisdiction, the need for the services
				offered by the depository, the financial condition of the depository, the
				capabilities of the depository's management, and the insurance protecting the
				securities depositor in the event of the loss of securities. The trust company
				shall remain liable for the safekeeping of securities investments of its common
				trust funds, wherever held.
(c)
				Unless waived by the superintendent on the basis of the factors listed under
				subdivision (b) of this section, the custody agreement between the trust
				company and the depository shall provide that:
(1) the depository holds the security as
				agent for the trust company;
(2)
				the securities will not be subject to any claim of any kind in favor of the
				depository, except a claim for payment for safe custody or administration of
				the securities;
(3) beneficial
				ownership of the securities will be freely transferable without payment other
				than for safe custody or administration of the securities;
(4) adequate records will be maintained by
				the depository identifying the securities as being owned by the trust company
				as a fiduciary;
(5) the
				superintendent and the trust company's independent accountants will be afforded
				access to the records maintained, and the securities held, by the
				depository;
(6) the depository will
				periodically furnish detailed, current reports to the trust company with
				respect to the securities.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 22 - Common Trust Funds › Section 22.10 - Procedure on accountings for liquidating accounts

Current through Register Vol. 46, No. 28, July 10, 2024
For the purpose of subsequent admissions to and withdrawals
				  from the common trust fund, the value of any investment transferred to a
				  liquidating account shall be excluded. The trust company shall include in any
				  subsequent accounting for the common trust fund an accounting for each
				  liquidating account established in connection with such common trust
				  fund.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 22 - Common Trust Funds › Section 22.11 - Direction of banking board

Current through Register Vol. 46, No. 28, July 10, 2024
The Banking Board, upon recommendation of the superintendent,
				  may direct by a three-fifths vote of all its members that:
(a) a trust company file on account of
				proceedings covering a period less than 10 years, in accordance with subsection 100-c (6)  of the Banking
				Law;
(b) any common trust fund be
				terminated; or
(c) the audit
				specified by section
				22.17 
				of this Part be performed by a Certified Public Accountant.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 22 - Common Trust Funds › Section 22.12 - Filing of accounts

Current through Register Vol. 46, No. 28, July 10, 2024
An account of proceedings, as specified under Banking Law,
				  subsection 100-c(6), shall be filed within six months of the close of the
				  period covered by the account.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 22 - Common Trust Funds › Section 22.13 - Superintendent to be notified

Current through Register Vol. 46, No. 28, July 10, 2024
Whenever an account of proceedings is to cover a period of
				  less than 10 years, the superintendent shall be notified at least one month
				  prior to the close of the accounting period.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 22 - Common Trust Funds › Section 22.14 - Duplicate of accounts to be submitted

Current through Register Vol. 46, No. 28, July 10, 2024
Within five days of the filing in court of an account of
				  proceedings, two copies of the account certified by a principal officer of the
				  trust company shall be submitted to the superintendent.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 22 - Common Trust Funds › Section 22.15 - Examination of common trust fund

Current through Register Vol. 46, No. 28, July 10, 2024
The superintendent shall cause an examination to be made of
				  the investments held by a trust company for a common trust fund as of the close
				  of the period covered by an account of proceedings, and on or before the return
				  date of the citation or notice, shall certify in writing to the court in which
				  the accounting proceeding is pending whether the investments reported in such
				  account as of the closing date of such account were in the custody of the trust
				  company at such date. Where securities of a common trust fund have been
				  deposited:
(a) with a clearing
				corporation pursuant to E PTL 11-1.9; (b) with a Federal reserve bank pursuant
				to E PTL 11-1.8; or (c) with a securities depository, clearing agency, or bank,
				whether or not subject to the laws of a jurisdiction other than the United
				States of America, or any state or subdivision thereof, the superintendent may
				rely on such an examination upon the written certification of such clearing
				corporation, Federal reserve bank, securities depository, clearing agency or
				bank that such securities were so deposited by such trust company with such
				clearing corporation, Federal reserve bank, securities depository, clearing
				agency or bank for the account of such trust company. Where securities of a
				common trust fund have been deposited through a subcustodian with a clearing
				corporation pursuant to E PTL 11-1.9 or with a Federal reserve bank pursuant to
				E PTL 11-1.8, the superintendent may rely in such examination upon the written
				certification of such subcustodian that such securities were deposited by such
				trust company with such subcustodian and were in turn deposited by such trust
				company with such subcustodian and were in turn deposited by such subcustodian
				with such clearing corporation or Federal reserve bank. The trust company shall
				pay to the superintendent his reasonable expenses incurred in making such
				examination and certification, and such payment shall be a charge against the
				principal of such common trust fund.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 22 - Common Trust Funds › Section 22.16 - Common trust funds restricted to true fiduciary purposes

Current through Register Vol. 46, No. 28, July 10, 2024
Common trust funds which are established pursuant to Banking
				  Law, section
				  100-c, may be operated only for true
				  fiduciary purposes. The trust investment committee shall not permit any funds
				  of any trust to be invested in any such common trust fund if it has reason to
				  believe that such trust was not created or is not being used for true fiduciary
				  purposes. A trust company administering a common trust fund shall not, in
				  soliciting business or otherwise, publish or make representations which are
				  inconsistent with this section or the other provisions of this Part and,
				  subject to the applicable requirements of law, shall not advertise or publicize
				  the earnings realized on any common trust fund or the value of the assets
				  thereof, provided that nothing herein shall be construed to prohibit a trust
				  company from advertising in accordance with the rules and regulations of the
				  Comptroller of the Currency regarding the maintenance of common trust
				  funds.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 22 - Common Trust Funds › Section 22.17 - Common trust funds to be audited annually

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A trust company administering a common
				trust fund shall, once during each 12-month period, or at such interval as the
				superintendent may determine, cause an audit to be made of the common trust
				fund by auditors responsible only to the board of directors of the trust
				company. The report of such audit shall include a list of the investment
				comprising the common trust fund at the time of the audit which shall show the
				valuation placed on each item on such list by the trust investment committee as
				of the date of the audit, a statement of purchases, sales and any other
				investment changes and of income and disbursements since the last audit, and
				appropriate comments as to any investments in default as to payment of
				principal or interest. The reasonable expenses of any such audit made by
				independent public accountants may be charged to the common trust
				fund.
(b) The trust company shall,
				without charge, send a copy of such audit annually to each person to whom a
				regular periodic accounting of the estates, trust or funds participating in the
				common trust fund ordinarily would be rendered or shall send advice to each
				such person annually that the report is available and that a copy will be
				furnished without charge upon request. Except as may be required by law, the
				trust company shall not publish or authorize the publication of any such report
				or the information contained therein and each copy furnished to any person as
				herein provided must bear a statement to the effect that the publication of
				such copy or the information contained therein is unauthorized, except that
				such publication in accordance with the rules and regulations of the
				Comptroller of the Currency regarding the maintenance of common trust funds is
				permitted.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 22 - Common Trust Funds › Section 22.18 - Inspection of records by persons interested

Current through Register Vol. 46, No. 28, July 10, 2024
All accounting records, registers of participations, periodic
				  statements, audits under the plan, and liquidating accounting records,
				  pertaining to a common trust fund for the period subsequent to that covered by
				  the last judicial account therefor shall be subject to inspection, during bank
				  business hours for a period of one month following each valuation date by any
				  adult and competent person, by the guardian of an infant and by the committee
				  of an incompetent when it appears that the adult competent person, the infant
				  or the incompetent is a person interested in a participating estate, trust or
				  fund.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 22 - Common Trust Funds › Section 22.19 - Restrictions on ownership of participations by trustee

Current through Register Vol. 46, No. 28, July 10, 2024
A trust company administering a common trust fund shall
				  not:
(a) have any interest in such
				fund other than in its fiduciary capacity; or
(b) make any loans on the security of a
				participation in such fund.
If because of a creditor relationship or otherwise the trust
				  company acquires an interest in a participation in such fund the participation
				  shall be withdrawn on the first date on which such withdrawal can be effected.
				  However, in no case shall an unsecured advance to an account holding a
				  participation until the time of the next withdrawal be deemed to constitute the
				  acquisition of an interest by the trust company.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 22 - Common Trust Funds › Section 22.20 - Management of common trust fund and fees

Current through Register Vol. 46, No. 28, July 10, 2024
A trust company administering a common trust fund shall have
				  the exclusive management thereof and shall not charge a fee for the management
				  of the common trust fund, or receive, either from the common trust fund or from
				  any estates, trusts or funds, the funds of which are invested in participations
				  therein, any additional fees, commissions, or compensations of any kind by
				  reason of such participation. The trust company shall not pay a fee,
				  commission, or compensation out of the common trust fund for management.
				  Nothing in this section shall be construed as prohibiting a trust company from
				  reimbursing itself out of a common trust fund for such reasonable expenses
				  incurred by it in the administration thereof as would have been chargeable to
				  the respective participating estates, trusts, or funds if incurred in the
				  separate administration of such participating estates, trusts or funds. The
				  cost of printing, publication and distribution of the annual audit report
				  referred to in section
				  22.17 
				  of this Part shall be borne by the trust company.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 22 - Common Trust Funds › Section 22.21 - Effect of mistakes

Current through Register Vol. 46, No. 28, July 10, 2024
No mistake made in good faith and despite the exercise of due
				  care in connection with the administration of a common trust fund shall be
				  deemed to be a violation of this Part if after the discovery of the mistake the
				  trust company takes promptly whatever action may be practicable in the
				  circumstances to remedy the mistake.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 22 - Common Trust Funds › Section 22.22 - Compliance with regulations of the comptroller of the currency

Current through Register Vol. 46, No. 28, July 10, 2024
Nothing in this Part shall be construed to prohibit trust
				  companies from taking action or refraining from action as required by the rules
				  and regulations, prevailing from time to time of the Comptroller of the
				  Currency pertaining to the collective investment of trust funds by national
				  banks.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 22 - Common Trust Funds › Section 22.23 - Short-term investment common trust funds

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Notwithstanding anything contained in
				section
				22.5  of this
				Part to the contrary, all investments of a short-term investment common trust
				fund may be valued:
(1) by reference to
				appropriate valuations applied by a generally accepted pricing service;
				or
(2) at cost, if the plan of
				operation of such fund requires that:
(i) the
				type or category of investments of the fund shall comply with the rules and
				regulations of the Comptroller of the Currency pertaining to short-term
				investment funds, as in effect from time to time; and
(ii) in computing income, the difference
				between cost of investments and anticipated receipt on maturity of investments
				shall be accrued on a straight line basis.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 23 - Call Reports › Section 23.1 - Calls reports

Current through Register Vol. 46, No. 28, July 10, 2024
Section 14 (1)(l)  of the Banking Law
				  empowers the superintendent to prescribe the form and contents of periodical
				  reports of condition to be rendered to the superintendent by banks, trust
				  companies and private bankers. A periodical report of condition shall be deemed
				  rendered to the superintendent if the superintendent shall have such access as
				  he or she deems appropriate at either the principal office of the bank or trust
				  company or through the facilities of the Federal Deposit Insurance Corporation
				  or Federal Reserve Board, as the case may be, to such reports of condition as
				  have been rendered to the Federal Deposit Insurance Corporation or the Federal
				  Reserve Board, as the case may be, in compliance with their rules and
				  regulations. With respect to reports of banks and trust companies not otherwise
				  reporting to the Federal Reserve or FDIC, such reports shall be rendered to the
				  superintendent.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 23 - Call Reports › Section 23.2 - Filing; deemed filing

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A
				reporting entity shall render a periodical report of condition, either
				electronically or in hard copy, to the superintendent.
(b) A call report shall be deemed rendered to
				the superintendent if the superintendent shall have such access as he or she
				deems appropriate through the facilities of the Federal Deposit Insurance
				Corporation or Federal Reserve Board, as the case may be (the appropriate
				Federal regulatory authority), to such call reports as have been rendered to
				such appropriate Federal regulatory authority, in compliance with rules and
				regulations of such appropriate Federal regulatory authority.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 23 - Call Reports › Section 23.3 - Certification

Current through Register Vol. 46, No. 28, July 10, 2024
By virtue of filing its call report with the appropriate
				  Federal regulatory authority, the reporting entity, through its chief financial
				  officer (or equivalent officer), and its attesting directors or trustees, shall
				  be deemed to have made the appropriate certification set forth below; provided,
				  however, that if there is a change in the wording of the attestation required
				  in the applicable form of call report promulgated by the FFIEC, a comparable
				  change shall be deemed to have been made in such form of certification:
(a) CFO (or equivalent). I attest that the
				reports of condition and income (including the supporting schedules) for this
				report date have been prepared in conformance with the instructions issued by
				the appropriate Federal regulatory authority and are true and correct to the
				best of my knowledge and belief.
(b) Each director or trustee. I attest to the
				correctness of the reports of condition and income (including the supporting
				schedules) for this report date and declare that the reports of condition and
				income have been examined by me and to the best of my knowledge and belief have
				been prepared in conformance with the instructions issued by the appropriate
				Federal regulatory authority and are true and correct.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 23 - Call Reports › Section 23.4 - Corrected filings

Current through Register Vol. 46, No. 28, July 10, 2024
If the reporting entity files a corrected call report with
				  the appropriate Federal regulatory authority, it will immediately notify the
				  superintendent in writing of such corrected filing.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 24 - Annual Financial Statements Of Commercial Banks, Trust Companies, Stock Form Savings Banks And Stock Form Savings And Loans › Section 24.1 - Annual reports

Current through Register Vol. 46, No. 28, July 10, 2024
For each fiscal year beginning on or after January 1, 1968,
				  every commercial bank, trust company, stock form savings bank and stock form
				  savings and loan association shall mail an annual report prepared in conformity
				  with generally accepted accounting principles to each of its stockholders at
				  least five days before the bank's annual meeting. Four copies of such report
				  shall be filed at the same time with the superintendent at his New York City
				  office.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 24 - Annual Financial Statements Of Commercial Banks, Trust Companies, Stock Form Savings Banks And Stock Form Savings And Loans › Section 24.2 - Exemptions

Current through Register Vol. 46, No. 28, July 10, 2024
A commercial bank shall not be subject to the requirements of
				  this Part if:
(a) it has 500 or more
				stockholders and files with the superintendent at his New York City office four
				copies of the annual financial statements required to be filed by such bank
				with the Board of Governors of the Federal Reserve System or four copies of the
				annual financial statements required to be filed by such bank with the Federal
				Deposit Insurance Corporation in accordance with part 335 of title 12 of the
				regulations of such corporation; or
(b) all of its voting securities, excepting
				only directors' qualifying shares, are owned, controlled or held with power to
				vote by a bank holding company as defined in Banking Law, section
				141, or by
				a single corporation; or
(c) all of
				its voting securities, excepting only directors' qualifying shares, are owned,
				controlled or held with power to vote by one or more banks, one or more
				corporations, or a combination of one or more banks and one or more
				corporations, organized under the laws of a foreign country; or
(d) it is a trust company all of the capital
				stock of which is owned by 20 or more savings banks.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 24 - Annual Financial Statements Of Commercial Banks, Trust Companies, Stock Form Savings Banks And Stock Form Savings And Loans › Section 24.3 - Comparative statements

Current through Register Vol. 46, No. 28, July 10, 2024
The annual report to stockholders required by section
				  24.1  of this Part
				  shall be completed on a comparative year basis with figures shown both for the
				  fiscal year covered by the report and for the preceding year, provided that in
				  the first report mailed to stockholders and filed with the superintendent
				  pursuant to this Part, only figures for the fiscal year covered by the report
				  need be included.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 24 - Annual Financial Statements Of Commercial Banks, Trust Companies, Stock Form Savings Banks And Stock Form Savings And Loans › Section 24.4 - Inspection

Current through Register Vol. 46, No. 28, July 10, 2024
The information filed pursuant to the requirements of this
				  Part will be available for public inspection during business hours (a) in the
				  case of all commercial banks at the New York City office of the department, and
				  (b), in addition, in the case of commercial banks headquartered outside New
				  York City and Nassau, Suffolk, Westchester and Rockland Counties, at the
				  appropriate upstate examination district office of the department, i.e.,
				  Albany, Syracuse, Rochester and Buffalo.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 25 - Meetings Of Stockholders Of Certain Commercial Banks › Section 25.1 - Findings of banking board

Current through Register Vol. 46, No. 28, July 10, 2024
The Banking Board hereby finds:
(a) that the policy of this State to protect
				the public interest and the interests of stockholders of a corporate banking
				organization requires that there be full disclosure to its stockholders of the
				material and significant facts relating to the management and condition of the
				banking organization necessary to enable an intelligent and responsible vote in
				the election of directors;
(b) that
				the policy of this State to protect the public interest and the interests of
				depositors, creditors and stockholders of a corporate banking organization may,
				on the other hand, require that there not be full disclosure that the
				superintendent has issued an order to such banking organization pursuant to
				Banking Law, section
				39, or full disclosure of the results of any
				examination or investigation upon which it is based because full disclosure in
				either case might tend to undermine public confidence in such banking
				organization;
(c) that compliance
				with the requirement of Banking Law, section
				6002, that each corporate banking
				organization hold a stockholders' meeting for the election of directors within
				the first four months of its calendar year may precipitate an irreconcilable
				conflict between the policies described in findings (a) and (b) above;
				and
(d) that such a conflict would
				constitute an unusual and extraordinary circumstance necessitating a variation
				from the requirements of Banking Law, section
				6002.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 25 - Meetings Of Stockholders Of Certain Commercial Banks › Section 25.2 - Prior approval of notice to stockholders

Current through Register Vol. 46, No. 28, July 10, 2024
For the reasons stated in section
				  25.1  of
				  this Part, the Banking Board hereby authorizes the superintendent, whenever an
				  order has been issued to any bank or trust company pursuant to Banking Law,
				  section
				  39, in his or her discretion, to require such
				  corporate banking organization to submit to him or her, for his or her prior
				  approval, any proposed notice to stockholders of any meeting of stockholders to
				  be held within two years after the date of issuance of such order, any
				  solicitation of proxies for such meeting and any other communication to
				  stockholders concerning such meeting (all hereinafter included in the term
				  "notice to stockholders").
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 25 - Meetings Of Stockholders Of Certain Commercial Banks › Section 25.3 - Criteria for approval

Current through Register Vol. 46, No. 28, July 10, 2024
In determining whether or not to approve any proposed notice
				  to stockholders, the superintendent shall take into consideration the nature of
				  the order issued pursuant to Banking Law, section
				  39, the condition of such corporate banking
				  organization, and the results of any examination or investigation of such
				  corporate banking organization which he or she has caused to be made. In no
				  event shall the superintendent approve any proposed notice to stockholders
				  unless it shall be found that full disclosure can be made to stockholders
				  while, at the same time, protecting the public interest and the interests of
				  depositors, creditors and stockholders.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 25 - Meetings Of Stockholders Of Certain Commercial Banks › Section 25.4 - Time limitations

Current through Register Vol. 46, No. 28, July 10, 2024
No notice to stockholders which requires the approval of the
				  superintendent under this Part shall be communicated to stockholders until it
				  has been approved, in writing, by the superintendent. If any such proposed
				  notice to stockholders is approved by the superintendent prior to August 1 of
				  any calendar year, the corporate banking organization affected shall proceed
				  forthwith to hold a meeting for the election of directors and the transaction
				  of other business within two months following the date of such approval, and
				  such meeting of stockholders shall be deemed to have been held in compliance
				  with the requirements of Banking Law, section
				  6002(2). If no proposed
				  notice to stockholders is approved prior to August 1 of any calendar year, the
				  requirements of such section 6002(2) shall not apply for that calendar
				  year.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 26 - Stock Options › General Provisions › Section 26.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
As used in this Part the term:
(a) bank means a bank or trust
				  company;
(b) option means the right
				  of an individual (optionee) to purchase from a bank shares of the bank's
				  authorized and unissued capital stock by virtue of an offer by the bank
				  continuing for a stated period of time to sell such shares at a stipulated
				  price, such individual being under no obligation to purchase; and
(c) plan means the document setting forth the
				  terms and conditions under which a bank may grant stock options to its
				  directors, officers and employees.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 26 - Stock Options › General Provisions › Section 26.2 - Requirement of superintendent's approval

Current through Register Vol. 46, No. 28, July 10, 2024
No option granted by any bank shall become effective and no
					 shares shall be issued or purchased pursuant to any plan until the
					 superintendent has given final approval to such plan upon application
					 therefor.
New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT › Part 26 - Stock Options › General Provisions › Section 26.3 - Preliminary approval

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  Following adoption of a plan by its board of directors, a bank may submit to
				  the superintendent an application for preliminary approval of such plan. The
				  application, to be submitted in triplicate, shall consist of:
(1) a copy of the plan;
(2) a certified copy of the resolution of the
				  board of directors adopting the plan;
(3) drafts or printer's proofs of resolutions
				  to be submitted to a stockholder's meeting:
(i) authorizing adoption of the plan;
				  and
(ii) authorizing any
				  appropriate amendments to the bank's organization certificate with regard to
				  any increase in capital stock or other matters;
(4) drafts or printer's proofs of the
				  proposed certificate of amendment;
(5) an opinion of the bank's counsel that the
				  provisions of the plan will permit compliance with the provisions of this
				  Part;
(6) proposed proxy materials;
				  and
(7) such other documents or
				  information as the superintendent may require.