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The Laws of New York
Consolidated Laws of New York
CHAPTER 2
Banking
ARTICLE 12-A
Mutual Trust Investment Companies
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SECTION 551
Investment powers
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ARTICLE 12-A
Mutual Trust Investment Companies
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SECTION 553
Investment by fiduciaries in shares
This entry was published on 2014-09-22
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SECTION 552
Accountability
Banking (BNK) CHAPTER 2, ARTICLE 12-A
§ 552. Accountability. A mutual trust investment company shall not be
responsible for ascertaining the investment powers of any fiduciary who
may purchase its stocks or shares and shall not be liable for accepting
funds from a fiduciary in violation of the restrictions in any will,
deed or other instrument in the absence of actual knowledge of such
violation, and shall be accountable only to the fiduciaries who are the
owners of its stocks or shares.