N.Y. Comp. Codes R. & Regs. tit. 3 § 1.2

Current through Register Vol. 46, No. 43, October 23, 2024

Section 1.2 - General criteria

In passing upon an application pursuant to section 234-b, the Banking Board will consider, in addition to any other facts or circumstances deemed proper, the following:

(a) the financial condition of the applicant;

(b) the qualifications and experience of the proposed officer or officers of the trust department and the nature of the supervision to be exercised over the fiduciary activities;

(c) the type or types of fiduciary activities proposed to be undertaken; and

(d) the plan of operations of the applicant's trust department, including information as to the manner in which legal, accounting, investment and recordkeeping functions of such department are to be performed and information as to any plans to obtain related services from outside sources.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 1.2