State Codes and Statutes

Statutes > New-york > Bnk > Article-13-b > 651

§ 651.  Investments.  Every  licensee  shall  at  all  times  maintain  permissible  investments  having  (i)  a  market  value,   computed   in  accordance with generally accepted accounting principles, at least equal  to   the  aggregate  of  the  amount  of  all  its  outstanding  payment  instruments and all its outstanding traveler's  checks  or  (ii)  a  net  carrying   value,   computed   in  accordance  with  generally  accepted  accounting principles, at least equal to the aggregate of the amount  of  all   its  outstanding  payment  instruments  and  all  its  outstanding  traveler's checks so long  as  the  market  value  of  such  permissible  investments  is  at  least  eighty per centum of the net carrying value.  Notwithstanding  the  foregoing  provisions   of   this   section,   the  superintendent shall have the authority, for good cause shown, to exempt  from the requirements of this section any licensee.

State Codes and Statutes

Statutes > New-york > Bnk > Article-13-b > 651

§ 651.  Investments.  Every  licensee  shall  at  all  times  maintain  permissible  investments  having  (i)  a  market  value,   computed   in  accordance with generally accepted accounting principles, at least equal  to   the  aggregate  of  the  amount  of  all  its  outstanding  payment  instruments and all its outstanding traveler's  checks  or  (ii)  a  net  carrying   value,   computed   in  accordance  with  generally  accepted  accounting principles, at least equal to the aggregate of the amount  of  all   its  outstanding  payment  instruments  and  all  its  outstanding  traveler's checks so long  as  the  market  value  of  such  permissible  investments  is  at  least  eighty per centum of the net carrying value.  Notwithstanding  the  foregoing  provisions   of   this   section,   the  superintendent shall have the authority, for good cause shown, to exempt  from the requirements of this section any licensee.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Bnk > Article-13-b > 651

§ 651.  Investments.  Every  licensee  shall  at  all  times  maintain  permissible  investments  having  (i)  a  market  value,   computed   in  accordance with generally accepted accounting principles, at least equal  to   the  aggregate  of  the  amount  of  all  its  outstanding  payment  instruments and all its outstanding traveler's  checks  or  (ii)  a  net  carrying   value,   computed   in  accordance  with  generally  accepted  accounting principles, at least equal to the aggregate of the amount  of  all   its  outstanding  payment  instruments  and  all  its  outstanding  traveler's checks so long  as  the  market  value  of  such  permissible  investments  is  at  least  eighty per centum of the net carrying value.  Notwithstanding  the  foregoing  provisions   of   this   section,   the  superintendent shall have the authority, for good cause shown, to exempt  from the requirements of this section any licensee.