17:9A-180.11 - Investments in debentures of New York trust companies - New Jersey Statutes

17:9A-180.11.  Investments in debentures of New York trust companies
    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.