A subsidiary trust company shall have all of the powers of and be entitled to engage in the business of a trust company, provided that a subsidiary trust company shall not have the power to accept deposits.
Terms Used In N.Y. Banking Law 152
- subsidiary: when used in this article, shall each have the same meaning specified in section one hundred forty-one of this chapter. See N.Y. Banking Law 150
- Subsidiary trust company: when used in this article, means a trust company which is subject to the provisions of this article. See N.Y. Banking Law 150