10 Pa. Code § 21.21. Subsidiary corporations.

BONDS AND SURETYSHIP

§ 21.21. Subsidiary corporations.

An institution may guarantee the actions of a subsidiary corporation, as defined in the Securities Exchange Act of 1934 (15 U.S.C. §  78a et seq. (1971)), to the extent that it could assume similar and direct liabilities in its own behalf. The aggregate of all such guarantees and direct liabilities shall at no time exceed the limitations of sections 202(e) and 314(b) of the Banking Code (7 P. S. § §  202(e) and 314(b)) or any other limitations set forth in the Banking Code, without prior written approval of the Department.

Authority

   The provisions of this §  21.21 issued under section 313(a)(iv) of the Banking Code of 1965 (7 P. S. §  313(a)(iv)).

Source

   The provisions of this §  21.21 adopted August 28, 1970, 1 Pa.B. 213.

No part of the information on this site may be reproduced for profit or sold for profit.

This material has been drawn directly from the official Pennsylvania Code full text database. Due to the limitations of HTML or differences in display capabilities of different browsers, this version may differ slightly from the official printed version.