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§ 407. Provisions applicable to trust companies

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 7 P.S. Banks and Banking

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 7 P.S. Banks and Banking (Refs & Annos)
Banking Code of 1965 (Refs & Annos)
Chapter 4. Fiduciary and Other Representative Powers (Refs & Annos)
7 P.S. § 407
§ 407. Provisions applicable to trust companies
A trust company:
(a) Investments--may make any investment subject to the limitations in section 5041 on investments authorized for savings banks, other than the limitation on investment in shares of stock, and may make any other investment specifically authorized by its articles;
(b) Borrowings--may borrow money
(i) in amounts not in excess of twenty-five percent of the aggregate of capital and surplus, and
(ii) for a period not in excess of three months
and in any larger amount or for any longer period authorized by the department and may issue notes, debentures and other obligation to evidence borrowings;
(c) Bonds and suretyship--may not act as surety or give any bond or guarantee, except as specifically provided by this act; and
(d) Limitation on dealings in own shares--may not acquire or hold for its own account any shares of its own stock, except as specifically provided by this act.

Credits

1965, Nov. 30, P.L. 847, No. 356, § 407. Amended 1982, April 8, P.L. 262, No. 79, § 6, imd. effective.

Footnotes

7 P.S. § 504.
7 P.S. § 407, PA ST 7 P.S. § 407
Current through 2022 Regular Session Act 40. Some statute sections may be more current, see credits for details.
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