§ 220. Liability of Trust Company for Assessments by Superintendent. When the superintendent, pursuant to the powers conferred on him by article two of this chapter, shall have levied any assessment upon any trust company and shall have duly notified such trust company of the amount thereof, the amount so assessed shall become a liability of and shall be paid by such trust company to the superintendent. § 221. Preservation of Books and Records of Trust Company. Every trust company shall preserve all its records of final entry including cards used under the card system, and deposit tickets, for a period of at least six years from the date of making the same or from the date of the last entry thereon. § 222. Restrictions on Officers, Directors and Employees. No officer, director, clerk or other employee of any trust company, and no person in any way interested or concerned in the management of its affairs, shall as individuals discount, or directly or indirectly, make any loan upon any note or other evidence of debt, which he shall know to have been offered for discount to such trust company and to have been refused. Every person violating the provisions of this subdivision shall, for each offense, forfeit to the people of the state twice the amount of the loan which he shall have made. No officer, director, clerk or other employee of any trust company shall borrow, directly or indirectly, from the trust company with which he is connected any sum of money without the written approval of a majority of the board of directors thereof filed in the office of the trust company or embodied in a resolution adopted by a majority of such board exclusive of the director to whom the loan is made; and in no event shall any officer of a trust company located in a city of the first class borrow any sum of money from such trust company. If an officer, director, clerk or other employee of any trust company shall own or control a majority of the stock of any other corporation, a loan to that corporation shall be considered for the purpose of this subdivision as a loan to such officer, director, clerk or other employee. Every person knowingly violating this provision shall, for each offense, forfeit to the people of the state twice the amount which he shall have borrowed. § 223. Prohibition Against Encroachments Upon Powers of Trust Companies. No corporation other than a trust company organized under the laws of this state shall have or exercise in this state the power to receive deposits of money, securities or other personal property from any person or corporation in trust, or have or exercise in this state any of the powers specified in subdivisions one, four, five, six, seven and eight of section one hundred eighty-five of this article, nor have or maintain an office in this state for the transaction of, or transact, directly or indirectly, any such or similar business, except that a federal reserve bank may exercise the powers conferred by subdivision one of such section if authorized so to do by the laws of the United States, and any domestic corporation legally exercising any of the powers conferred by such subdivision at the time this act takes effect may continue to exercise such powers, and a trust company incorporated in another state may be appointed and may accept appointment and may act as executor of, or trustee under, the last will and testament of any deceased person in this state, provided trust companies of this state are permitted to act as such executor or trustee in the state where such for eign corporation has his domicile, and such foreign corporation shall have executed and filed in the office of the superintendent of banks a written instrument appointing such superintendent in his name of office, its true and lawful attorney upon whom all process in any action or proceeding against such executor or trustee, affecting or relating to the estate represented or held by such executor or trustee or the acts or defaults of such corporation in reference to such estate, with the same effect as if it existed in this state and had been lawfully served with process therein, and shall also have filed in the office of the superintendent a copy of its charter by its secretary under its corporate seal, together with the postoffice address of its principal office. No foreign corporation, having authority to act as executor of or trustee under the last will and testament of any deceased person, shall establish or maintain directly or indirectly any branch office or agency in this state or shall in any way solicit directly or indirectly any business as executor or trustee therein. If any such foreign corporation violates this provision, such foreign corporation shall not thereafter be appointed or act as executor or trustee in this state. The validity of any mortgage heretofore given by a foreign corporation to a trust company doing business within the foreign domicile of such mortgagor to secure the payment of an issue of bonds shall not be affected by any of the provisions of this section and such mortgage shall be enforcible in accordance with the laws of this state against any property covered thereby within the state of New York. Instructions and Forms for Organizing a Trust Com pany Under the Laws of New York (Issued by Superintendent of Banks, Albany, N. Y.) PROCEDURE FOR THE ORGANIZATION OF A TRUST COMPANY Chapter 2 of the Consolidated Laws 1. Execution by incorporators of notice of intention to organize and organization certificate in duplicate. Sections 180-181. 2. Filing of notice of intention to organize with Superintendent with request for designation of newspaper in which to publish same. In order to assist the Superintendent in making the investigation hereafter required and to expedite same, it is advisable to submit at the same time a statement with reference to the need for such an institution and two references (banking references preferred) for each incorporator. Sections 20 and 23. 3. Designation of newspaper in which to publish notice of intention to organize. Section 20. 4. Publication of notice of intention. Section 181. 5. Service of notice of intention. Section 181. 6. Submission of organization certificate in duplicate to Superintendent of Banks accompanied by proof of publication and of service of notice of intention. Section 182. 7. Filing of duplicate organization certificates for examination. Section 22. 8. Investigation by the Superintendent of Bank and approval or refusal. Section 23. 9. Filing of duplicate organization certificates. Section 23. 10. Payment of capital. Section 183. 11. Organization as corporation. Section 183. 12. Examination by Superintendent as to payment of capital and report. Section 24. 13. Filing of affidavit of payment of capital in County Clerk's office and certified copy in office of Superintendent of Banks. Section 183. 14. Payment of organization tax and filing of duplicate receipts with Superintendent of Banks and County Clerk. Section 180 of Tax Law. 15. Filing of verified list of stockholders in the office of the Superintendent. Section 183. 16. Deposit of bonds with Superintendent. Sections 183 and 184. 17. Filing oaths of directors with Superintendent. Section 211. 18. Authorization certificate to be issued by the Superintendent and filed and recorded in the office of the Superintendent and of the County Clerk. Section 24. NOTICE OF INTENTION TO ORGANIZE THE... We, the undersigned, hereby give notice of our intention to organize a Trust Company, under and pursuant to the laws of the State of New York, and, in conformity with the statute in such case made and provided, we hereby specify and state as follows, to wit: |