New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT
Part 85 - Investment In Service Corporations By Savings Banks And Savings And Loan Associations
Section 85.6 - Separate existence of service corporation
Universal Citation: 3 NY Comp Codes Rules and Regs ยง 85.6
Current through Register Vol. 46, No. 12, March 20, 2024
Every service corporation shall be operated in a manner which demonstrates to the public that the service corporation has separate corporate existence and is operationally distinct from its parent savings bank or savings and loan association. Every instrument which evidences a borrowing by a service corporation shall specifically indicate whether or not, and to what extent, its parent institution is liable for such borrowing.
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