Gordon, 090933 PAAGO, AGO 91
Case Date | September 09, 1933 |
Court | Pennsylvania |
"Limitation upon Purchase or Exchange of Assets of Commercial Department.—A bank and trust company shall not, directly or indirectly, purchase with funds held by it as fiduciary, or exchange for any real or personal property held by it as fiduciary, any asset of its commercial department, but this prohibition shall not apply in the case of bonds or other interest-bearing obligations of the United States, of this Commonwealth, or of any county, city, borough, township, school district, or poor district of this Commonwealth, nor in the case of assets of its commercial department earmarked for future trust investment at the time of acquisition by the commercial department, and purchased or exchanged, within one year after acquisition, with funds or for property held by it as fiduciary. A report shall be made monthly to the board of directors and to the Department of all transactions, including earmarked acquisitions, within the exception to the foregoing prohibition."It is clear under the terms of this section that no transfers of assets, other than those expressly specified therein, may be made from the commercial...
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