N.Y. Comp. Codes R. & Regs. tit. 3 § 81.3

Current through Register Vol. 46, No. 39, September 25, 2024

Section 81.3 - Authority to issue large-denomination obligations

(a) Any agency which shall have given notice to the superintendent as provided hereunder shall be authorized to issue large-denomination obligations to any foreign or domestic corporation, partnership, trust, unincorporated association, joint-stock association or similar association upon the expiration of 30 days from the date such notice is given unless the superintendent shall have objected in writing to such agency within such 30-day period. The notice to be provided pursuant to this Part shall be in such form and contain such information as the superintendent may prescribe.

(b) For purposes of this Part, a large-denomination obligation, evidenced by a promissory note or a certificate of deposit in bearer form, shall be deemed to be issued to the initial holder thereof.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 81.3