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This entry was published on 2014-09-22
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SECTION 651
Investments
Banking (BNK) CHAPTER 2, ARTICLE 13-B
§ 651. Investments. Every licensee shall at all times maintain
permissible investments having (i) a market value, computed in
accordance with generally accepted accounting principles, at least equal
to the aggregate of the amount of all its outstanding payment
instruments and all its outstanding traveler's checks or (ii) a net
carrying value, computed in accordance with generally accepted
accounting principles, at least equal to the aggregate of the amount of
all its outstanding payment instruments and all its outstanding
traveler's checks so long as the market value of such permissible
investments is at least eighty per centum of the net carrying value.
Notwithstanding the foregoing provisions of this section, the
superintendent shall have the authority, for good cause shown, to exempt
from the requirements of this section any licensee.