Notwithstanding the provisions of sections twenty-nine and one hundred five of this chapter, (a) a subsidiary trust company may open and occupy a trust office, including its principal office, at any one or more locations in the state of New York at which the owning bank holding company, any affiliated bank, or any affiliated trust company has a banking office, and (b) an affiliated trust company may open and occupy a trust office at the location in the state at which such subsidiary trust company has its principal office. A subsidiary trust company or an affiliated trust company, as the case may be, which proposes to open and occupy a trust office pursuant to this section shall make written application to the superintendent for leave to do so in the manner provided in section twenty-nine of this chapter with respect to branch offices and shall pay the investigation fee specified therein.
Terms Used In N.Y. Banking Law 153
- 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
- Trust office: when used in this article with respect to a subsidiary trust company, means an office of the subsidiary trust company maintained for the purpose of conducting its business. See N.Y. Banking Law 150