PRINTER'S NO. 2230
No. 1776 Session of 1989
INTRODUCED BY EVANS, ROEBUCK, HAYDEN, ROBINSON, LEE, VEON,
KOSINSKI, JOSEPHS, MICHLOVIC, DeWEESE, NOYE, SAURMAN, CARN,
DIETTERICK, CORRIGAN, HUGHES, LEVDANSKY, NAHILL, LASHINGER,
TIGUE, BISHOP, THOMAS, BATTISTO, D. W. SNYDER, PRESTON,
McHALE, ITKIN AND LINTON, JUNE 28, 1989
REFERRED TO COMMITTEE ON BUSINESS AND COMMERCE, JUNE 28, 1989
AN ACT
1 Amending the act of November 30, 1965 (P.L.847, No.356),
2 entitled "An act relating to and regulating the business of
3 banking and the exercise by corporations of fiduciary powers;
4 affecting persons engaged in the business of banking and
5 corporations exercising fiduciary powers and affiliates of
6 such persons; affecting the shareholders of such persons and
7 the directors, trustees, officers, attorneys and employes of
8 such persons and of the affiliates of such persons; affecting
9 national banks located in the Commonwealth; affecting persons
10 dealing with persons engaged in the business of banking,
11 corporations exercising fiduciary powers and national banks;
12 conferring powers and imposing duties on the Banking Board,
13 on certain departments and officers of the Commonwealth and
14 on courts, prothonotaries, clerks and recorders of deeds;
15 providing penalties; and repealing certain acts and parts of
16 acts," further providing for investments by savings banks.
17 The General Assembly of the Commonwealth of Pennsylvania
18 hereby enacts as follows:
19 Section 1. Section 504(b)(ii) of the act of November 30,
20 1965 (P.L.847, No.356), known as the Banking Code of 1965,
21 amended November 27, 1968 (P.L.1104, No.345), is amended to
22 read:
23 Section 504. Investments
1 * * *
2 (b) Authority under this act or other statutes--Except as
3 otherwise provided in its articles, a savings bank may, in
4 addition to investments authorized by its articles, other
5 provisions of this act or other statutes, make investments in:
6 * * *
7 (ii) obligations of the Federal National Mortgage
8 Association, a Federal Land Bank, a Federal Home Loan Bank, a
9 Bank for Cooperatives, a Federal Intermediate Credit Bank,
10 the Tennessee Valley Authority, the International Bank for
11 Reconstruction and Development, the Inter-American
12 Development Bank, the African Development Bank and the Asian
13 Development Bank, or any other such corporations or agencies
14 as may from time to time be approved by the Department of
15 Banking;
16 * * *
17 Section 2. This act shall take effect in 60 days.
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