Current through Register Vol. 48, No. 11, November 22, 2024
Section 15-1 - Limitations and Restrictions on Purchase and Sale of Securities(1) State chartered banks, state savings banks, and state savings and loan associations may, without the specific approval of the Board, engage in investment activities in the same manner as national banks and federal savings associations are permitted to do.(2) State chartered banks, state savings banks, and state savings and loan associations may, without the specific approval of the Board, invest in operating subsidiaries engaged in activities the bank could perform directly, as national banks and federal savings associations are permitted to do. The Commissioner of Banking must be notified in writing of investment in any new subsidiary and the specific activities performed. Any offices used by the subsidiary for the sale of products or services must be distinct from those of the financial institution and must be so noted by appropriate signs. Further, if there is a change to the specific activities to be performed by a subsidiary in which the institution has invested, the institution shall also notify the Commissioner of Banking.Amended by State Register Volume 16, Issue No. 11, eff November 27, 1992; State Register Volume 48, Issue No. 11, eff. 11/22/2024.