New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT
Part 12 - Acquisition Of Residences And Similar Facilities By Banks And Trust Companies
Section 12.1 - Statement of policy
Universal Citation: 3 NY Comp Codes Rules and Regs ยง 12.1
Current through Register Vol. 46, No. 12, March 20, 2024
The Banking Board recognizes that banks and trust companies have valid business reasons for acquiring, by purchase, lease or rental, residences and similar or related facilities (including the acquisition of shares together with a lease in the case of cooperative apartment purchases) to house directors, officers and employees under circumstances where arranging for conventional housing is impractical, whether within or without the United States. Such acquisitions would be considered inappropriate by the Banking Board, however, if motivated principally by investment objectives.
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