§ 327. Use of sign or words indicating safe deposit company by unauthorized persons prohibited. 1. No entity, other than a duly chartered safe deposit company, shall make use of any office sign at the place where such business is transacted having thereon any artificial or corporate name, or other words indicating that such place or office is the place of business or office of a safe deposit company; nor shall any such entity make use of or circulate any letterheads, billheads, blank forms, notes, receipts, certificates, circulars, or any written or printed or partly written and partly printed paper whatever, having thereon any artificial or corporate name, or other word or words, indicating that such business is the business of a safe deposit company.

Terms Used In N.Y. Banking Law 327

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC

2. Nothing in this section shall be deemed to prevent any banking organization, foreign banking corporation duly licensed to maintain a branch in the state, national bank, federal savings and loan association or federal savings bank from engaging in the safe deposit business in this state.

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