202-A - Restrictions on receiving deposits.

§ 202-a.  Restrictions  on  receiving  deposits.  1. A foreign banking  corporation licensed pursuant to article two of this chapter to maintain  one or more agencies in this state shall not engage in the  business  of  receiving deposits in this state; provided (a) that such foreign banking  corporation  may  maintain  for  the  account  of others credit balances  incidental to, or arising out of, the exercise of its lawful powers; and  (b) that the banking board  is  authorized  to  adopt  regulations  that  permit  a  foreign banking corporation, licensed pursuant to article two  of this chapter to maintain one or more agencies in this state, to issue  to a corporation, partnership, trust, unincorporated association,  joint  stock association or similar association obligations each in a principal  amount  of not less than one hundred thousand dollars; and (c) that such  foreign banking corporation may accept deposits other than from citizens  or residents of the United States as the superintendent shall define  by  regulation.    2. A foreign banking corporation organized under the laws of a foreign  country  or  of  Puerto  Rico may be licensed pursuant to article two of  this chapter to maintain a branch or branches  in  this  state  and  may  engage in the business of receiving deposits in this state.    3.  The  banking  board  shall have power to prescribe, by specific or  general regulation, to the extent  to  which  and  the  conditions  upon  which, the deposits and credit balances in agencies and branches in this  state of foreign banking corporations may be established, maintained and  paid out.