N.Y. Comp. Codes R. & Regs. tit. 3 § 50.40

Current through Register Vol. 46, No. 53, December 31, 2024

Section 50.40 - Investments of mutual trust investment company

(a) A mutual trust investment company may invest only in such investments as are legal investments for fiduciaries under the Estates, Powers and Trusts Law, section 11-2.2(a)(1).

(b) No investment for the mutual trust investment company shall be made in stocks or bonds or other obligations of any one person, firm or corporation which would cause the total amount of investment in stocks or bonds or other obligations issued or guaranteed by such person, firm or corporation to exceed 10 percent of the value of the mutual trust investment company as determined by the board of directors, provided that this limitation shall not apply to investments in obligations of the United States or obligations for which the faith of the United States is pledged for the payment of the principal and interest.

(c) No investment by the mutual trust investment company shall be made in the shares of stock of any one corporation which would cause the total number of such shares held by the mutual trust investment company to exceed five percent of the number of such shares outstanding.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 50.40