Section 318. Branch offices

Any safe deposit company having a capital of
  one hundred thousand  dollars  or  more  may,  in  accordance  with  the
  provisions  of  article  two  of  this chapter, be permitted to open and
  maintain a branch office or branch offices in the city or village  where
  its principal office is located.
    Any  safe  deposit  company  having  a capital of one hundred thousand
  dollars or more, the majority of stock of which is owned  by  any  other
  banking  organization  or  a  national  bank may, in accordance with the
  provisions of article two of this chapter,  be  permitted  to  open  and
  maintain   a   branch  office  at  a  location  at  which  such  banking
  organization or national bank is maintaining a  duly  authorized  branch
  office.