N.Y. Banking Law 139 – Saving clause
§ 139. Saving clause. All banks which shall have been authorized by the superintendant to exercise fiduciary powers pursuant to this chapter, as from time to time in effect, shall be known as trust companies subject to the provisions of this article applicable to trust companies, but nothing contained in this chapter shall require any such bank to change its name to include the term "trust company". All trust companies organized under or subject to the provisions of this chapter, as from time to time in effect, shall be subject to all the provisions of this article applicable to trust companies. Notwithstanding any other provision or law, a corporation formed under this article to acquire the banking business previously done by a partnership doing business pursuant to this chapter may have as its corporate name the name under which such partnership did business, with the addition of a word or words, indicating that it is a corporation.
Terms Used In N.Y. Banking Law 139
- 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.
- Fiduciary: A trustee, executor, or administrator.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.