New York Codes, Rules and Regulations
Title 3 - BANKING
Legal Interpretations
LI 4 - Savings Banks and Savings and Loan Associations
Section LI 4.5 - Savings bank investments in bank holding companies
Universal Citation: 3 NY Comp Codes Rules and Regs ยง LI 4.5
Current through Register Vol. 46, No. 12, March 20, 2024
The department was asked whether section 235(26)(c) of the Banking Law proscribed savings banks and savings and loan associations from investing in common stock of bank holding companies.
The department responded that the purpose of section 235(26)(c) is to prevent savings banks from investing in institutions with which they compete and that this legislative intent would be thwarted if savings institutions were allowed to invest in bank holding companies. Accordingly, the department expressed its view that such investments were improper.
DATED: March 12, 1969
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