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Issuance of large denomination obligations by foreign agencies

UNOFFICIAL COPY 

3 NYCRR - Ch. I Part 81 -- Issuance Of Large-Denomination Obligations By Licensed Agencies Of Foreign Banks

(Statutory authority: Banking Law, §§ 14[1], 202-a)

Sec.

81.1 Explanatory note
81.2 Definitions
81.3 Authority to issue large denomination obligations

History

Part (§§ 81.1 - 81.3) filed: March 3, 1981 as emergency measure, expired 60 days after filing; June 1, 1981 eff. June 1, 1981. 

3 NYCRR - § 81.1 -- Explanatory Note.

Section 202-a of the Banking Law authorizes the Banking Board to adopt regulations that permit a foreign banking corporation, licensed pursuant to article II of the Banking Law to maintain one or more agencies in New York, to issue to a corporation, partnership, trust, unincorporated association, joint-stock association or similar association obligations each in a principal amount of not less than $100,000.

History

Sec. filed: March 3, 1981 as emergency measure, expired 60 days after filing; June 1, 1981; amd. filed June 13, 1985 eff. June 13, 1985.

3 NYCRR - § 81.2 -- Definitions.

For purposes of this Part:

(a) The term agency shall mean any agency of a foreign banking corporation licensed pursuant to article II of the Banking Law.

(b) The term large-denomination obligation shall mean any obligation, evidenced by a promissory note, a certificate of deposit, a statement, or a book entry, in the amount of $100,000 or more.

History

Sec. filed: March 3, 1981 as emergency measure, expired 60 days after filing; June 1, 1981; amds. filed: Dec. 3, 1981 as emergency measure, expired 60 days after filing; Feb. 4, 1982; Jan. 6, 1983 eff. Jan. 6, 1983. Amended (b).

3 NYCRR - § 81.3 -- Authority To Issue Large-Denomination Obligations.

(a) Any agency which shall have given notice to the superintendent as provided hereunder shall be authorized to issue large-denomination obligations to any foreign or domestic corporation, partnership, trust, unincorporated association, joint-stock association or similar association upon the expiration of 30 days from the date such notice is given unless the superintendent shall have objected in writing to such agency within such 30-day period. The notice to be provided pursuant to this Part shall be in such form and contain such information as the superintendent may prescribe.

(b) For purposes of this Part, a large-denomination obligation, evidenced by a promissory note or a certificate of deposit in bearer form, shall be deemed to be issued to the initial holder thereof.

History

Sec. filed: March 3, 1981 as emergency measure, expired 60 days after filing; June 1, 1981; amd. filed Jan. 6, 1983 eff. Jan. 6, 1983. Amended (b).

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