New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT
Part 22 - Common Trust Funds
Section 22.19 - Restrictions on ownership of participations by trustee
Universal Citation: 3 NY Comp Codes Rules and Regs ยง 22.19
Current through Register Vol. 46, No. 12, March 20, 2024
A trust company administering a common trust fund shall not:
(a) have any interest in such fund other than in its fiduciary capacity; or
(b) make any loans on the security of a participation in such fund.
If because of a creditor relationship or otherwise the trust company acquires an interest in a participation in such fund the participation shall be withdrawn on the first date on which such withdrawal can be effected. However, in no case shall an unsecured advance to an account holding a participation until the time of the next withdrawal be deemed to constitute the acquisition of an interest by the trust company.
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