§ 221-c. Application for license; fees. The application for such license shall be in writing under oath and shall contain the information required by and be in the form prescribed by the superintendent. As part of the application, the foreign banking corporation shall appoint the superintendent or his or her successor as agent for service of process in connection with any action or proceeding against the foreign banking corporation relating to any cause of action which may arise out of a transaction with its representative office, with the same force and effect as if it were a domestic corporation and had been lawfully served with process in this state. At the time of making such application, the applicant shall pay to the superintendent an investigation fee as prescribed pursuant to section eighteen-a of this chapter.

Terms Used In N.Y. Banking Law 221-C

  • 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.
  • foreign banking corporation: when used in this article, shall mean any banking institution organized under the laws of any jurisdiction other than the United States, any state of the United States or Puerto Rico. See N.Y. Banking Law 221-B
  • Oath: A promise to tell the truth.
  • representative: shall mean any person or entity engaging in any activity in this state for or on behalf of a foreign banking corporation, provided that such activity is not otherwise permitted by law. See N.Y. Banking Law 221-B
  • Service of process: The service of writs or summonses to the appropriate party.
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