Pennsylvania Code
Title 10 - BANKING AND SECURITIES
Part II - Bureau of Banks
Chapter 21 - GENERAL PROVISIONS FOR ALL STATE-CHARTERED BANKING INSTITUTIONS
BONDS AND SURETYSHIP
Section 21.21 - Subsidiary corporations

Universal Citation: 10 PA Code ยง 21.21
Current through Register Vol. 54, No. 44, November 2, 2024

An institution may guarantee the actions of a subsidiary corporation, as defined in the Securities Exchange Act of 1934 (15 U.S.C. § 78a et seq. (1971)), to the extent that it could assume similar and direct liabilities in its own behalf. The aggregate of all such guarantees and direct liabilities shall at no time exceed the limitations of sections 202(e) and 314(b) of the Banking Code (7 P. S. §§ 202(e) and 314(b)) or any other limitations set forth in the Banking Code, without prior written approval of the Department.

The provisions of this §21.21 issued under section 313(a)(iv) of the Banking Code of 1965 (7 P. S. § 313(a)(iv)).

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