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Can you summarize 3 NYCRR Part 72?
General Regulations of the Superintendent > Investments in Certificates of Deposit of Banking Corporations
Short Summary
The provided legal document content pertains to investments in certificates of deposit of banking corporations. It applies to savings banks and savings and loan associations. The documents specify that savings banks and savings and loan associations may invest in certificates of deposit of a banking institution described in section 235(12-a)(b) of the Banking Law. If the banking institution has total assets of less than $1 billion, the certificates must be issued by and payable in United States dollars at an office of such banking institution located within one of the states of the United States of America. If the banking institution has total assets of $1 billion or more, the certificates must be payable in United States dollars. The documents came into effect on June 19, 1974, and do not require the disposition of any non-conforming investments made prior to their normal or earliest optional maturity date. There are no specific exemptions or penalties mentioned in these documents.
Whom does it apply to?
Savings banks and savings and loan associations
What does it govern?
Investments in certificates of deposit of banking corporations
What are exemptions?
The documents do not mention any exemptions.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
New York