New York Codes Rules Regulations (Last Updated: March 27,2024) |
TITLE 3. Banking |
Chapter I. General Regulations of the Superintendent |
Part 63. Investments in Savings Banks Trust Company and Other Savings Banks Service Agencies |
Sec. 63.1. Investments in securities of trust company or other corporation wholly owned by savings banks
Latest version.
- Savings banks may invest in the capital stock, capital notes and debentures of any trust company and of any other corporation organized under the laws of this State, provided all the stock of such trust company or corporation is owned by not less than 20 savings banks and subject to the further conditions set forth in sections 63.2, 63.3 and 63.4 of this Part. For the purposes of this Part, such a trust company is referred to as a “savings banks trust company” and such a corporation is referred to as a “service agency”