No.. Banks may buy investment securities, as defined, under such further definition as may be prescribed by the appropriate banking authority. The applicable regulations define an investment security as "a marketable obligation, i. e., it must be salable under ordinary circumstances with reasonable promptness at a fair value" and require, among other things, that, if certain other characteristics are not present, "a public distribution of the securities must have been provided for or made in a manner to protect or insure the marketability of the issue." Yes. Ruling of State bank commissioner permits investment by savings banks. No.. No. Yes. Yes. 1948. Yes. Banks may purchase for their own account investment securities, as defined, under such limitations and restrictions as the commissioner of the banking department may prescribe. The regulations of the commissioner require, among other things, that in order to come within the classification of "investment securities" securities must be "salable under ordinary circumstances with reasonable promptness at a fair value" and that if certain other characteristics are not present "a public distribution of the securities must have been provided for or made in a manner to protect or insure the marketability of the issue." Do. No. |