Section 21.21. Subsidiary corporations

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An institution may guarantee the actions of a subsidiary corporation, as defined in the Securities Exchange Act of 1934 (15 U.S.C. § 78a et seq. (1971)), to the extent that it could assume similar and direct liabilities in its own behalf. The aggregate of all such guarantees and direct liabilities shall at no time exceed the limitations of sections 202(e) and 314(b) of the Banking Code (7 P. S. § § 202(e) and 314(b)) or any other limitations set forth in the Banking Code, without prior written approval of the Department.

The provisions of this § 21.21 adopted August 28, 1970, 1 Pa.B. 213.

Notation

Authority

The provisions of this § 21.21 issued under section 313(a)(iv) of the Banking Code of 1965 (7 P. S. § 313(a)(iv)).

                    
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