US Laws, Codes, Statutes & Cases

 
    § 11-611 Definitions. When used in this part:
    1.  The  term  "financial corporation" means every corporation doing a
  banking business as defined in  this  section,  other  than  a  national
  banking  association,  a trust company all of the capital stock of which
  is owned by not less than twenty savings banks organized under a law  of
  this  state,  or  a  corporation  taxable  under  subchapter two of this
  chapter, and shall include the mortgage facilities  corporation  created
  by  chapter  five  hundred  sixty-four  of  the laws of nineteen hundred
  fifty-six and any corporation eighty percent or  more  of  whose  voting
  stock  is beneficially owned by a corporation or corporations subject to
  article three or article three-a  of  the  banking  law  or  a  national
  banking  association  or  associations,  provided  the corporation whose
  voting stock is so owned is principally engaged in business which  might
  be  lawfully  conducted by a corporation subject to article three of the
  banking law or a national banking association.
    2. The word "paid", for the purpose  of  the  deductions  and  credits
  under  this part, means "paid or accrued" or "paid or incurred," and the
  terms "paid or incurred"  and  "paid  or  accrued"  shall  be  construed
  according  to  the  method of accounting upon the basis of which the net
  income is computed, under  this  part.  The  term  "received,"  for  the
  purpose of the computation of net income under this part means "received
  or  accrued"  and  the  term  "received  or  accrued" shall be construed
  according to the method of accounting upon the basis of  which  the  net
  income is computed under this part.
    3. The word "dividend" means any distribution made by a corporation to
  its  shareholders or members, out of its earnings or profits, whether in
  cash, or in property other than stock of the corporation.
    4. The words "doing a banking business" means doing such business as a
  corporation may be created to do under articles three, five, five-a, and
  six of the banking law, or doing any business  which  a  corporation  is
  authorized by such articles to do.
    5.  The  words  "foreign banker doing a banking business" in the city,
  include every foreign corporation doing a banking business in the  city,
  except a national banking association.
    6.  The  words  "savings  and loan association" mean every corporation
  doing such business as a corporation may be created to do under  article
  ten  of  the  banking  law,  including  every  federal  savings and loan
  association organized under authority of the United States.