180 – Prohibitions Against Encroachment Upon Certain Powers of Private Bankers, Savings Banks and Savings and Loan Associations.
§ 180. Prohibitions against encroachment upon certain powers of private bankers, savings banks and savings and loan associations. Except as authorized by this chapter, no individual, either for himself or as trustee, and no partnership or unincorporated association shall: (1) Engage in the business of receiving deposits; (2) Make use of the words “bank,” “banker” […]
181 – Exemptions of Certain Private Bankers.
§ 181. Exemptions of certain private bankers. 1. Every individual and partnership conducting the business of a private banker on June thirtieth, nineteen hundred thirty-eight, pursuant to an authorization certificate issued by the superintendent may thereafter continue to conduct such business under the authority of such existing authorization certificate. 2. Nothing in this article shall […]
177 – Official Communications From Superintendent.
§ 177. Official communications from superintendent. Every official communication, as defined in article two of this chapter, directed to any private banker, shall, if such private banker is a partnership, be submitted by the person receiving it to the members thereof present at their next meeting and duly noted on the records of such private […]
178 – Business of Deceased Private Banker; Continuation; Liquidation.
§ 178. Business of deceased private banker; continuation; liquidation. In case of the death of an individual engaged in the business of a private banker, his executor, administrator or other legal representative, and in case of the death of a member of a partnership so engaged, the surviving members of the partnership, may continue such […]
179 – Effect of Revocation of Authorization Certificate.
§ 179. Effect of revocation of authorization certificate. Whenever the superintendent shall have revoked the authorization certificate of any private banker, and shall have taken the action to make such revocation effective specified in article two of this chapter, all the rights and privileges resulting from such authorization, shall forthwith cease and determine.
165 – Segregation of Investments; Title to Be Taken in Descriptive Name.
§ 165. Segregation of investments; title to be taken in descriptive name. 1. Every private banker shall segregate and keep separate and apart from all other property and assets of the individual or partnership all securities and property, and the evidences of title thereto, in which funds held by him as a private banker and […]
166 – Depositors Preferred in Case of Failure or Suspension.
§ 166. Depositors preferred in case of failure or suspension. In case of the failure or suspension of any private banker, the claims of persons for money on deposit or delivered for transmission shall be preferred against such assets as shall be shown by the books of such private banker, or by other legal evidence, […]
167 – Reserves Against Deposits.
§ 167. Reserves against deposits. Every private banker shall maintain total reserves against his deposits of the same amount and kind and on hand or on deposit to the same extent as is at the time required by or pursuant to the provisions of this chapter of a bank doing business in the same place. […]
168 – Restrictions on Acceptance of Deposits and Payment of Interest.
§ 168. Restrictions on acceptance of deposits and payment of interest. No private banker shall: (1) Accept any amount for deposit if after the acceptance of such amount the average amount of the deposits received from all depositors during the twelve month period ending upon the day upon which such deposit is tendered, or during […]
171 – Repayment of Deposits Standing in the Names of Minors, Trustees or Joint Depositors; Repayment Where Adverse Claim Is Asserted; Interpleader in Certai
§ 171. Repayment of deposits standing in the names of minors, trustees or joint depositors; repayment where adverse claim is asserted; interpleader in certain actions; effect of claims or advices originating in, and statutes, rules or regulations purporting to be in force in occupied territory. 1. When any deposit shall be made by or in […]