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Can you summarize 3 NYCRR Part 31?
General Regulations of the Superintendent > Investments of Banks or Trust Companies in Certain Corporations
Short Summary
The provided legal document content governs the investments of banks or trust companies in certain corporations. It outlines the permissions and limitations for banks and trust companies to invest in various corporations. The document specifies that any bank or trust company is permitted to make an investment in the common stock of the Atlantic Central Bankers Bank, not exceeding the minimum number of shares required for membership. The investment can be increased with the written approval of the superintendent, provided it aligns with the declaration of policy in the Banking Law. The aggregate investment in the Atlantic Central Bankers Bank should not exceed 10 percent of the bank or trust company’s capital stock, surplus fund, and undivided profits, or exceed five percent of any class of voting securities. The document also allows banks and trust companies to invest in shares of common stock of the Federal Home Loan Bank of New York, Euro-clear Clearance System S.C., Participants Trust Company, Government Securities Clearing Corporation, Federal Agricultural Mortgage Corporation, Minbanc Capital Corp., partnership, limited partnership, or joint venture formed for Battery Park City development, Capital Housing Rehabilitation Corp., and the Student Loan Marketing Association. Additionally, banks and trust companies are authorized to hold stock received from Small Business Investment Company of New York, Inc. for a limited period. They are also permitted to invest in or hold shares of Depository Trust & Clearing Corporation and hold stock of FNMA and GNMA in connection with mortgage sales. The documents apply to banks and trust companies engaging in these investment activities. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Any bank or trust company
What does it govern?
Investments of Banks or Trust Companies in Certain Corporations
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
New York