New York § 105-B - 105-BTrust offices

§ 105-B. 105-BTrust offices

§ 105-b. Trust offices. 1. A trust company may establish or acquire and maintain one or more trust offices anywhere in this state, or outside the state of New York, either in the United States or in foreign countries. 2. A trust company seeking to establish or acquire and maintain a trust office shall submit a written notice to the superintendent describing the proposed activities and such other information as the superintendent shall request. The notice shall be accompanied by an investigation fee as prescribed pursuant to section eighteen-a of this chapter. 3. The trust office may commence operation thirty days after the superintendent receives such notice, unless the superintendent notifies the trust company in writing within such time period that the office may not commence operation or that additional information or time is required for the superintendent to consider such notice. 4. The superintendent may deny approval of the trust office if the superintendent finds that the maintenance of such office would not be consistent with the goals set forth in the declaration of policy contained in section ten of this chapter.