What voltage? If you mean 120/208V, then yes, so long as you protect the panelboard at 150 amps or lower. You would be wasting some of the capacity of the transformer, but that is not a code issue.
What voltage? If you mean 120/208V, then yes, so long as you protect the panelboard at 150 amps or lower. You would be wasting some of the capacity of the transformer, but that is not a code issue.
The panel bus can be any size that is protected by the line side OCPD. That same OCPD will also be used to protect the secondary conductors of the transformer.
These items have to be sized to serve the calculated loads. They can be any size that accomplishes that. They are not required to match the output of the transformer.
The location of the OCPD will be limited by the rules in 240.21(C).
Your panel bus rating just cannot be SMALLER than the OCPD feeding it.
Also, nothing says you must use all of the capacity of the panel bus. But common sense says not to bother wasting money by connecting a panel that can be filled beyond the capacity of the transformer feeding it, unless maybe you have plans of increasing the transformer size later.