New York Laws
Article 2 - Department of Financial Services; Superintendent of Financial Services; Supervisory and Regulatory Powers
27 - Exchange and Examination of Securities.

§ 27. Exchange and examination of securities. 1. Any corporation,
unincorporated association, partnership or individual which shall have
deposited with the superintendent in trust any stocks or bonds in
pursuance of any requirement of this chapter, may be permitted by the
superintendent, so long as it shall continue business in the ordinary
course, from time to time to withdraw any of such stocks or bonds upon
depositing with the superintendent other stocks or bonds of the kind it
is required by this chapter to deposit with him and if the value of the
stocks or bonds so held by the superintendent exceeds the amount
required by this chapter to be so deposited, the stocks or bonds in
excess of such amount may be withdrawn without depositing others in
exchange therefor.

2. Any such corporation, unincorporated association, partnership or
individual may, at any time during ordinary business hours, examine such
stocks or bonds and compare them with the record on the books of the
department. Unless it shall deliver to the superintendent at least once
in each calendar year, a statement listing such stocks or bonds and the
amounts thereof, and stating that they are in the custody and possession
of the superintendent at the date of the statement, the state
comptroller and the superintendent shall appoint some suitable and
discreet person as agent for such corporation, unincorporated
association, partnership or individual, who shall make an examination of
such stocks or bonds. If such agent finds that the stocks or bonds held
by the superintendent agree with the records thereof on the books of the
department, he shall execute a statement in the form above described and
transmit a copy thereof to the corporation, unincorporated association,
partnership or individual in behalf of which it is made, and such
statement shall have the same force and effect as if executed by such
corporation, unincorporated association, partnership or individual.
Compensation for the services and expenses of such agent in making such
examination shall be paid as a general expense of the department.

Structure New York Laws