October 28, 1974
Thomas A. Healy, Esq.
Lincoln First Bank of Rochester
One Lincoln First Square
Rochester, New York 14646
Dear Mr. Healy:
Your letter of August 15, 1974 to Superintendent Albright has been referred to me. Let me first apologize for my delayed response.
You ask how the definition of "legal representative" in section 143-b(5) of the Banking Law, which could apparently include a banking institution, may be reconciled with the unequivocal exception of bank fiduciaries in sections 143-b(1) and 142(2).
It is the position of the Banking Department that precisely because the excepting language is unequivocal and absolutely exempts banking institutions in both cases from all of the provisions of section 143-b, the definition of legal representative, which is a part of section 143-b, also does not apply to the banking institutions. Specifically, I refer to the following language:
S143-b(1)...the provisions of this section shall not apply to a bank holding company...
§142 (2)...the provisions of section one hundred forty- three-b shall not apply to (a) stock acquired by...
Very truly yours,
Edith M. Novack