N.Y. BNK Law § 651
This is the official text of N.Y. BNK Law § 651, part of New York’s BNK Law — part of the compiled statutory law of New York, published by the state as "BNK Law." Browse the sections below, each linked to its official government source.
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Investments
Official statutory text
§ 651. Investments. Every licensee shall at all times maintain\npermissible investments having (i) a market value, computed in\naccordance with generally accepted accounting principles, at least equal\nto the aggregate of the amount of all its outstanding payment\ninstruments and all its outstanding traveler's checks or (ii) a net\ncarrying value, computed in accordance with generally accepted\naccounting principles, at least equal to the aggregate of the amount of\nall its outstanding payment instruments and all its outstanding\ntraveler's checks so long as the market value of such permissible\ninvestments is at least eighty per centum of the net carrying value.\nNotwithstanding the foregoing provisions of this section, the\nsuperintendent shall have the authority, for good cause shown, to exempt\nfrom the requirements of this section any licensee.\n
Status: in_force · Read it on the official government site
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