N.Y. Comp. Codes R. & Regs. tit. 3, Sup. Proc. FB § 103.3 – Application. | Midpage
§ Sup. Proc. FB 103.3
N.Y. Comp. Codes R. & Regs. tit. 3, Sup. Proc. FB § 103.3
Application.
Banking
(a) An application for authority to exercise fiduciary powers shall be submitted in letter form and shall contain, in reasonable detail, information concerning the personnel and operations of the proposed trust operation as described in section 103.2(b)-(d) of this Supervisory Procedure.
(b) In addition, applicant shall furnish an opinion of counsel:
(1) that the laws of the country in which the bank is incorporated, as well as the bank's articles of incorporation or similar document, empower the bank to engage in the type or types of fiduciary activities proposed to be undertaken;
(2) that the bank has taken all necessary actions, corporate or otherwise, as are necessary to authorize the filing of such application and to permit its personnel to undertake fiduciary engagements in New York; and
(3) that the written appointment of the superintendent as attorney for service of process, and the written designation relative thereto, having been filed with the superintendent pursuant to Banking Law, section 200(3), extend to transactions involving the bank as fiduciary.