N.Y. Comp. Codes R. & Regs. tit. 3 § 12.1
Current through Register Vol. 46, No. 53, December 31, 2024
The Banking Board recognizes that banks and trust companies have valid business reasons for acquiring, by purchase, lease or rental, residences and similar or related facilities (including the acquisition of shares together with a lease in the case of cooperative apartment purchases) to house directors, officers and employees under circumstances where arranging for conventional housing is impractical, whether within or without the United States. Such acquisitions would be considered inappropriate by the Banking Board, however, if motivated principally by investment objectives.
N.Y. Comp. Codes R. & Regs. Tit. 3 § 12.1