N.Y. Comp. Codes R. & Regs. Tit. 3 § 63.6 - Investments by savings banks life insurance fund
Savings banks life insurance fund may invest in the capital stock, capital notes and debentures of a savings banks trust company or service agency, provided the aggregate amount of its investments in such stock, notes and debentures, including the proposed investment, would not exceed the greater of two percent of its total assets or $20,000.
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