State Codes and Statutes

State Codes and Statutes

Statutes > California > Fin > 3570

FINANCIAL CODE
SECTION 3570



3570.  Any bank may, with the consent of the commissioner, upon such
conditions and under such regulations as the commissioner may
prescribe, invest in the stock of one or more corporations organized
under the laws of any state of the United States (other than a
corporation organized under the laws of this state for the purposes
of transacting business under the provisions of Article 1 (commencing
with Section 3500) of this chapter) and principally engaged in
international or foreign banking, or banking in a dependency or
insular possession of the United States either directly or through
the agency, ownership, or control of local institutions in foreign
countries, or in dependencies or insular possessions of the United
States; provided, however, that the stock at the time of the
acquisition would constitute a permissible investment for a national
bank; and provided, further, that the aggregate amount of stock held
in all corporations engaged in business of the kind described in this
chapter shall not exceed 10 percent of the subscribing bank's
shareholders' equity. Nothing in this section shall be construed in
any way to limit the powers conferred by Section 3513.