§ 160. Verified certificate. Any individual or partnership desiring to engage in business as a private banker shall submit to the superintendent a verified certificate in duplicate which shall state: 1. The full name, residence and post office address of such individual or of each member of such partnership. 2. The state or country of […]
§ 161. Authorization certificate. If the superintendent shall issue an authorization certificate as provided in article two of this chapter, such individual or partnership may engage in the business of banking including receiving deposits subject to check or for repayment upon the presentation of a pass book, certificate of deposit or other evidence of debt, […]
§ 162. Permanent capital; increase or decrease. Every private banker shall keep unimpaired in his banking business the amount of permanent capital specified in his verified certificate. From time to time, with the written approval of the superintendent and upon good cause shown, such permanent capital may be increased or decreased.
§ 163. Restrictions as to place of business. The office of a private banker shall not be located in the same room with, or in a room connecting with, any bank, trust company, savings bank, or national bank.
§ 164. Change of location. Any private banker may make a written application to the superintendent to change the location of his office to another place in the same city or village. The application shall state the reason for such proposed change and shall be verified by such private banker, or if such private banker […]
§ 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. 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. 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. 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 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 […]
§ 172. Restrictions on investments. 1. Every private banker may, subject to the limitations and restrictions contained in this article, make such investments of funds held by him as a private banker in real or personal securities, or personal property, as are consistent with safety and prudence of management. 2. No private banker shall appropriate […]
§ 173. Rate of interest; effect of usury. 1. No private banker shall take, receive, reserve or charge on any loan or discount made, or upon any note, bill of exchange or other evidence of debt, interest as computed pursuant to this section, at a rate greater than the rate prescribed by the superintendent of […]
§ 174. Restrictions on purchases of, and loans on real estate. 1. No private banker shall purchase with funds held by him as private banker any real estate except a plot upon which there is or may be erected a building suitable for the convenient transaction of his business; nor make a loan of such […]
§ 175. Books and records. 1. Every private banker shall keep separate and complete books of account in which shall be promptly entered the details of all business transacted by him as a private banker including statements in detail of the liabilities incurred by him as a private banker and of the securities or property […]
§ 176. Reports required by superintendent; penalty for failure to make. Within fifteen days after service upon any private banker of the notice provided for by section thirty-seven of this chapter, he shall make a written report to the superintendent of the financial condition of his business as a private banker, which report shall be […]
§ 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. 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. 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.
§ 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. 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 […]
