(a) (1) Without the prior written approval of the Bank Commissioner, a state trust company shall not directly or indirectly invest an amount in excess of its capital and surplus in state trust company facilities, furniture, fixtures, and equipment.(2) Except as otherwise provided by rules adopted under this chapter, in computing this limitation a state trust company shall include:(A) Its direct investment in state trust company facilities;(B) Any investment in equity or investment securities of a company holding title to a facility used by the state trust company as specified by subdivision (a)(2)(A) of this section;(C) Any loan made by the state trust company to or on the security of equity or investment securities issued by a company holding title to a facility used by the state trust company; and(D) Any indebtedness incurred on state trust company facilities by a company:(i) That holds title to the facility;(ii) That is an affiliate of the state trust company; and(iii) In which the state trust company is invested in the manner described by subdivision (a)(2)(B) or subdivision (a)(2)(C) of this section; and(E) May exclude an amount included under subdivisions (a)(2)(B)-(D) of this section to the extent any lease of a facility from the company holding title to the facility is capitalized on the books of the state trust company.
(1) Without the prior written approval of the Bank Commissioner, a state trust company shall not directly or indirectly invest an amount in excess of its capital and surplus in state trust company facilities, furniture, fixtures, and equipment.
(2) Except as otherwise provided by rules adopted under this chapter, in computing this limitation a state trust company shall include:(A) Its direct investment in state trust company facilities;(B) Any investment in equity or investment securities of a company holding title to a facility used by the state trust company as specified by subdivision (a)(2)(A) of this section;(C) Any loan made by the state trust company to or on the security of equity or investment securities issued by a company holding title to a facility used by the state trust company; and(D) Any indebtedness incurred on state trust company facilities by a company:(i) That holds title to the facility;(ii) That is an affiliate of the state trust company; and(iii) In which the state trust company is invested in the manner described by subdivision (a)(2)(B) or subdivision (a)(2)(C) of this section; and(E) May exclude an amount included under subdivisions (a)(2)(B)-(D) of this section to the extent any lease of a facility from the company holding title to the facility is capitalized on the books of the state trust company.
(A) Its direct investment in state trust company facilities;
(B) Any investment in equity or investment securities of a company holding title to a facility used by the state trust company as specified by subdivision (a)(2)(A) of this section;
(C) Any loan made by the state trust company to or on the security of equity or investment securities issued by a company holding title to a facility used by the state trust company; and
(D) Any indebtedness incurred on state trust company facilities by a company:(i) That holds title to the facility;(ii) That is an affiliate of the state trust company; and(iii) In which the state trust company is invested in the manner described by subdivision (a)(2)(B) or subdivision (a)(2)(C) of this section; and
(i) That holds title to the facility;
(ii) That is an affiliate of the state trust company; and
(iii) In which the state trust company is invested in the manner described by subdivision (a)(2)(B) or subdivision (a)(2)(C) of this section; and
(E) May exclude an amount included under subdivisions (a)(2)(B)-(D) of this section to the extent any lease of a facility from the company holding title to the facility is capitalized on the books of the state trust company.
(b) Real estate acquired for a state trust facility and not improved and occupied by the state trust company ceases to be a state trust company facility on the fifth anniversary of the date of its acquisition, unless the commissioner on application grants written approval to further delay in the improvement and occupation of the property by the state trust company.
(c) A state trust company shall comply with generally accepted accounting principles, consistently applied, in accounting for its investment in and depreciation of state trust company facilities, furniture, fixtures, and equipment.