New York State Assembly

Bill No.:  

 
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•  Actions 
 
•  Committee Votes 
 
•  Floor Votes 
 
•  Memo 
 
•  Text 

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A07112 Summary:

BILL NO	A07112
SAME AS	SAME AS S04304
SPONSOR	Brindisi
COSPNSR
MLTSPNSR
Add S12, Bank L
Authorizes state chartered banking institutions to invest their assets to the extent authorized in the rules and regulations of the Federal Deposit Insurance Corporation.

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A07112 Actions:

BILL NO	A07112
04/23/2015	referred to banks
01/06/2016	referred to banks

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A07112 Committee Votes:

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A07112 Floor Votes:

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A07112 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          7112
 
                               2015-2016 Regular Sessions
 
                   IN ASSEMBLY
 
                                     April 23, 2015
                                       ___________
 
        Introduced by M. of A. BRINDISI -- read once and referred to the Commit-
          tee on Banks
 
        AN  ACT  to  amend the banking law, in relation to the investment of the
          tier 1 capital of state chartered banking institutions
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  The  banking law is amended by adding a new section 12 to
     2  read as follows:
     3    § 12. Power of state chartered banking institution to invest its  tier
     4  1  capital.  1. For the purposes of this section, "tier 1 capital" shall
     5  mean the common stock, disclosed reserves and non-redeemable non-cumula-
     6  tive preferred stock of a state chartered banking institution.
     7    2. Notwithstanding any provision of this chapter to the contrary, each
     8  state chartered banking institution shall be authorized  to  invest  its
     9  tier  1  capital to the extent permitted by the rules and regulations of
    10  the Federal Deposit Insurance Corporation.
    11    § 2. This act shall take effect on the first of January next  succeed-
    12  ing the date on which it shall have become a law.
 
 
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05917-01-5

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