3 CRR-NY 50.40NY-CRR
3 CRR-NY 50.40
3 CRR-NY 50.40
50.40 Investments of mutual trust investment company.
(a) A mutual trust investment company may invest only in such investments as are legal investments for fiduciaries under the Estates, Powers and Trusts Law, section 11-2.2(a)(1).
(b) No investment for the mutual trust investment company shall be made in stocks or bonds or other obligations of any one person, firm or corporation which would cause the total amount of investment in stocks or bonds or other obligations issued or guaranteed by such person, firm or corporation to exceed 10 percent of the value of the mutual trust investment company as determined by the board of directors, provided that this limitation shall not apply to investments in obligations of the United States or obligations for which the faith of the United States is pledged for the payment of the principal and interest.
(c) No investment by the mutual trust investment company shall be made in the shares of stock of any one corporation which would cause the total number of such shares held by the mutual trust investment company to exceed five percent of the number of such shares outstanding.
3 CRR-NY 50.40
Current through January 31, 2023
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IMPORTANT NOTE REGARDING CONTENT CURRENCY: The "Current through" date indicated immediately above is the date of the most recently produced official NYCRR supplement covering this rule section. For later updates to this section, if any, please: consult editions of the NYS Register published after this date; or contact the NYS Department of State Division of Administrative Rules at [email protected]. See Help for additional information on the currency of this unofficial version of NYS Rules.