17:52-18 - Banks and trust companies;Ā powers
17:52-18.Ā Banks and trust companies;Ā powers
Every bank and trust company organized under the laws of this State shall have power to become a member and a stockholder of a business development corporation, but a bank or trust company which is not a member of such a corporation shall not hold any stock of the corporation.Ā No such bank or trustĀ company shall become a member of more than 1 business development corporation,Ā or hold stock in more than 1 such corporation, and no such bank or trustĀ company shall invest more than 10% of its capital stock and surplus in theĀ stock of any such corporation.Ā Banks and trust companies which are not membersĀ of a business development corporation may invest in the obligations of any suchĀ corporation or corporations, but the aggregate amount so invested shall notĀ exceed 10% of the capital and surplus of any such bank or trust company.
L.1957, c. 218, p. 761, s. 18.
Ā
Every bank and trust company organized under the laws of this State shall have power to become a member and a stockholder of a business development corporation, but a bank or trust company which is not a member of such a corporation shall not hold any stock of the corporation.Ā No such bank or trustĀ company shall become a member of more than 1 business development corporation,Ā or hold stock in more than 1 such corporation, and no such bank or trustĀ company shall invest more than 10% of its capital stock and surplus in theĀ stock of any such corporation.Ā Banks and trust companies which are not membersĀ of a business development corporation may invest in the obligations of any suchĀ corporation or corporations, but the aggregate amount so invested shall notĀ exceed 10% of the capital and surplus of any such bank or trust company.
L.1957, c. 218, p. 761, s. 18.
Ā