2006 New York Code - Rights And Privileges Of Foreign Banking Corporation Under License; Effect Of Revocation.

 
    § 201-a.  Rights  and  privileges of foreign banking corporation under
  license; effect of revocation. 1. When  the  superintendent  shall  have
  issued  a  license  as provided in section twenty-six of this chapter to
  any such foreign banking corporation, it  may  engage  in  the  business
  specified  in  sections  two hundred and two hundred one of this article
  either as an agency or as a branch at the  location  specified  in  such
  license  for  a  period  not  exceeding  one  year from the date of such
  license  or,  if  such  license  so  provides,  until  such  license  is
  surrendered  or revoked. A license issued for a period not exceeding one
  year may, upon the approval of the superintendent and the banking board,
  be renewed as provided in section twenty-six of this  chapter.  No  such
  license shall be transferable or assignable. Every such license shall be
  at  all times conspicuously displayed in the place of business specified
  therein. In the event that such license shall have been revoked  by  the
  superintendent,  as provided in article two of this chapter, it shall be
  surrendered to the superintendent within twenty-four  hours  after  such
  corporation has received written notice of such revocation.
    2. Whenever the superintendent shall have revoked any such license and
  shall  have taken the action to make such revocation effective specified
  in article two of this chapter, all the rights and  privileges  of  such
  foreign banking corporation to transact the business thus licensed shall
  forthwith cease and determine.