Each such foreign banking corporation which is authorized to maintain a branch or branches in this state may (a) receive upon deposit for safe-keeping for hire upon terms and conditions to be prescribed by such foreign banking corporation, money, securities, papers of any kind and any other personal property, and (b) engage in the safe deposit business by renting vaults, safe deposit boxes or other receptacles upon premises of such branch or branches, upon such terms and conditions as may be prescribed by such foreign corporation.
New York Legal Code