17:9A-180.11. Investments in debentures of New York trust companies
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/nj/title-17/chapter-9a/17-9a-180-11·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A savings bank may, in addition to other investments presently or from time to time hereafter authorized by law, subscribe for, purchase, hold and surrender from time to time debentures of any trust company organized under the laws of New York State for the purpose of securing credit accommodations at such trust company, provided all of the stock of such trust company is owned by not less than 20 savings banks organized under the laws of New York State, and any participation certificates or any other form of participation, though junior in interest, issued by any such trust company representing participation in first mortgages assigned by a savings bank in payment of debentures of any such trust company.
L.1965, c. 117, s. 1.