Amendment to Part 31 of the General Regulations of the Banking Board (Investments of Banks or Trust Companies in Certain Corporations).
February 2, 2006
It is proposed to add a new Section 13 to Part 31 of the General Regulations of the Banking Board, Title 3 NYCRR, to read as follows:
Part 31 (Investments of Banks or Trust Companies in Certain Corporations)
§ 31.13. Atlantic Central Bankers Bank.
Any bank or trust company is permitted to make an investment in the common stock of the Atlantic Central Bankers Bank not to exceed the minimum number of shares of such stock required to become a member of such bankers’ bank and thereafter may increase such investment upon the written approval of the Superintendent, provided that such approval shall be given only upon a finding that such investment is consistent with the declaration of policy set forth in section 10 of the Banking Law. In no instance shall the aggregate investment by any bank or trust company in the Atlantic Central Bankers Bank exceed 10 percent of the bank or trust company’s capital stock, surplus fund and undivided profits, or exceed 5 percent of any class of voting securities of such bankers’ bank.