* § 12-a. Power of state chartered banking institutions to exercise\nthe rights of counterpart federally chartered banking institutions. 1.\nDefinitions. (a) As used in this section, "state chartered banking\ninstitution" shall mean any bank, trust company, private banker, savings\nbank, savings and loan association, foreign banking corporation, or\ncredit union.\n (b) As used in this section and as is applicable, "federally chartered\nbanking institution" shall mean (i) any national banking association\norganized pursuant to the National Bank Act of 1864, as amended, (12 USC\n21 et seq.); (ii) any federal savings association as such term is\ndefined by the Federal Deposit Insurance Act, as amended, (12 USC\n1813(b)(2)); (iii) a federal branch and agency of a foreign bank, as\nsuch terms are defined by the International Banking Act of 1978, as\namended, (122 USC 3101); or (iv) a federal credit union, as such term is\ndefined by the Federal Credit Union Act, as amended, (12 USC 1752(1)).\n (c) As used in this section, "charter" shall mean the organization\ncertificate or comparable document of a state banking institution, or\nthe license for a state branch or agency of a foreign banking\ncorporation, or a similar organizational document for a federal banking\ninstitution or a federal branch or agency, and "chartered" shall mean\nthe formal act of the state or appropriate federal regulatory agency in\napproving and conveying such charter of a banking institution.\n (d) As used in this section, "federally permitted power" shall mean\nany right, power, privilege or benefit, any activity, or any loan,\ninvestment or transaction which a federally chartered banking\ninstitution directly or through a subsidiary or subsidiaries, may\nlawfully exercise or into which it may lawfully engage or enter.\n (e) As used in this section "foreign banking corporation" shall mean a\nbanking corporation organized under the laws of a foreign country and\nacting through a branch or agency licensed pursuant to section\ntwenty-six of this article.\n (f) As used in this section, unless the context requires otherwise,\nthe term "subsidiary" shall have the same meaning as set forth in\nsubdivision five of section one hundred forty-one of this chapter,\nexcept that (i) any reference therein to "bank holding company" shall be\ndeemed to refer to a "state chartered banking institution" as defined in\nthis section, and (ii) with respect to a credit union, the term\n"subsidiary" as used in this section shall mean a "credit union\norganization".\n 2. Pursuant to this section and notwithstanding any other provision of\nlaw, except as otherwise provided in its charter, a state-chartered\nbanking institution may exercise any federally permitted power of its\ncounterpart federally chartered banking institution as herein set forth:\n (a) a bank, private banker, or trust company may exercise any\nfederally permitted power of a national banking association;\n (b) a savings bank or savings and loan association may exercise any\nfederally permitted power of a federal savings association;\n (c) a foreign banking corporation acting through a branch may exercise\nany federally permitted power of a foreign bank acting through a federal\nbranch;\n (d) a foreign banking corporation acting through an agency may\nexercise any federally permitted power of a foreign bank acting through\na federal agency;\n (e) a credit union may exercise any federally permitted power of a\nfederal credit union.\n Nothing contained in this section shall be deemed to permit a state\nchartered banking institution to exercise any federally permitted power\nexcept in a manner consistent with the following provisions of law, in\neach case, as the terms contained in such provisions may be amended from\ntime to time:\n (i) chapter one of the laws of nineteen hundred ninety-four;\n (ii) chapter nine of the laws of nineteen hundred ninety-six; and\n (iii) sections fourteen-c, twenty-eight-b,
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