Sec. 16-2.6. Definition of banking business

Tax Law, § 1452(b)

(a) The term banking business means the business a corporation may be created to do under article 3 (Banks and Trust Companies), article 3-B (Subsidiary Trust Companies), article 5 (Foreign Banking Corporations and National Banks), article 5-A (New York Business Development Corporation), article 6 (Savings Banks) or article 10 (Savings and Loan Associations) of the New York State Banking Law, or the business a corporation is authorized to do by such article. With respect to a national banking association, Federal savings bank, Federal savings and loan association or production credit association, the term banking business means the business a national banking association, Federal savings bank, Federal savings and loan association or production credit association may be created to do under the laws of the United States, or the business a national banking association, Federal savings bank, Federal savings and loan association or production credit association is authorized to do by the laws of the United States or the laws of New York State.

(b) The term banking business also means such business as any corporation organized under the authority of the United States or organized under the laws of any other state or country has authority to do which is substantially similar to the business which a corporation may be created to do under article 3, 3-B, 5, 5-A, 6 or 10 of the New York State Banking Law or any business which a corporation is authorized to do by such article.