§ 202-b. Maintenance of assets in this state. * 1. Upon opening a\nbranch or agency and thereafter, a foreign banking corporation licensed\npursuant to article two of this chapter shall keep on deposit, in\naccordance with such rules and regulations as the superintendent shall\nadopt shall from time to time, with such banks or trust companies or\nprivate bankers or national banks in the state of New York as such\nforeign banking corporation may designate and the superintendent may\napprove, interest-bearing stocks and bonds, notes, debentures, or other\nobligations of the United States or any agency or instrumentality\nthereof, or guaranteed by the United States, or of this state, or of a\ncity, county, town, village, school district, or instrumentality of this\nstate or guaranteed by this state, or dollar deposits, or obligations of\nthe International Bank for Reconstruction and Development, or\nobligations issued by the Inter-American Development Bank, or\nobligations of the Asian Development Bank, or obligations issued by the\nAfrican Development Bank, or obligations issued by the International\nFinance Corporation, or bonds, notes, debentures, or other obligations\nissued by or guaranteed by the Federal Home Loan Mortgage Corporation\n(Freddie Mac) or by the Federal National Mortgage Corporation (Fannie\nMae), or bonds, notes, debentures, or other obligations issued by or\nguaranteed by the Student Loan Marketing Association (SALLIE MAE) or all\nbonds, notes, debentures, or other obligations issued by or guaranteed\nby a federal home loan bank, or bonds, notes, debentures or other\nobligations of any unaffiliated issuer provided that, at the time of\nsuch investment, the obligation has received the highest rating of an\nindependent rating service designated by the superintendent or, if the\nobligation is rated by more than one such service, the highest rating of\nat least two such services, or such other assets as the superintendent\nshall by rule or regulation permit, to an aggregate amount to be\ndetermined by the superintendent, based upon principal amount or market\nvalue, whichever is lower, in the case of the above-described\nsecurities, and subject to such limitations as the superintendent shall\nprescribe; provided, however, that the superintendent may determine, in\nthe superintendent's discretion, that any such bonds, notes, debentures\nor other obligations of a particular issuer are not acceptable for\npurposes of meeting the requirements of this subdivision. The\nsuperintendent may from time to time require that the assets deposited\npursuant to this subdivision may be maintained by the foreign banking\ncorporation at such amount, in such form and subject to such conditions\nas he or she shall deem necessary or desirable for the maintenance of a\nsound financial condition, the protection of depositors and the public\ninterest, and to maintain public confidence in the business of such\nbranch or branches or such agency or agencies. The superintendent may\ngive credit to reserves required to be maintained with a federal reserve\nbank in or outside the state of New York pursuant to federal law,\nsubject to such rules and regulations as the superintendent may from\ntime to time promulgate. So long as it shall continue business in the\nordinary course, such foreign banking corporation shall be permitted to\ncollect interest on the securities so deposited and from time to time\nexchange, examine and compare such securities.\n * NB Effective until notification of the superintendent of financial\nservices\n * 1. Upon opening a branch or agency and thereafter, a foreign banking\ncorporation licensed pursuant to article two of this chapter shall keep\non deposit, in accordance with such rules and regulations as the\nsuperintendent shall from time to time promulgate, with such banks or\ntrust companies or private bankers or national banks in the state of New\nYork as such foreign banking corporation may designate and th
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