To Permit National Banks to Underwrite and Deal in "revenue Bonds": Hearings Before 89-1 on H.R. 7539 ... , April 26 and 27, 1965
1965 - 196 páginas
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accounts agency amendment America amount Association Authority BALDERSTON bank underwriting benefits bidding bill billion Board borrowing California capital CHAIRMAN cities commercial banks committee competition Comptroller conflicts of interest Congress corporate correspondent County Currency dated dealer dealing debt difference effect eligible existing facilities fact Federal Reserve Federal Reserve Board financing funds Georgia governments hearings higher important increase industrial investment bankers investment securities investors legislation limitations local governments lower ment Michigan Moody's municipal national banks needs obligation bonds Office paragraph participation percent permit political position possible present problems prohibition proposed purchase question rated reason regulation Representatives requested result revenue bond issues revenue bonds rated ruling SAXON securities selling Seventh Source specific statement syndicate Texas tion trust underwriting United yields York
Página 109 - Commission is responsible for the administration and enforcement of the Securities Act of 1933, the Securities Exchange Act of 1934, the Public Utility Holding Company Act of 1935, the Trust Indenture Act of 1939, the Investment Company Act of 1940, and the Investment Advisers Act of 1940.
Página 24 - The limitations and restrictions herein contained as to dealing in, underwriting, and purchasing for its own account, investment securities shall not apply to obligations of the United States, or general obligations of any State or of any political subdivision thereof, or obligations...
Página 139 - California; and be it further Resolved, That the Chief Clerk of the Assembly is hereby directed to transmit copies of this resolution to the President and Vice President of the United States...
Página 16 - The Massachusetts Turnpike Authority was created in 1952 as a public instrumentality of the Commonwealth of Massachusetts to construct, maintain, repair, and operate the Massachusetts Turnpike. The Initial Turnpike, opened for traffic on May 16, 1957, was financed by the $239,000,000, 3.30 percent Turnpike Revenue Bonds (Series 1954) due in 1994, In 1954, prior to the construction of the Initial Turnpike, this issue was ruled ineligible for purchase by national banks, under the Investment Securities...
Página 8 - State member banks shall be subject to the same limitations and conditions with respect to the purchasing, selling, underwriting, and holding of investment securities and stock as are applicable in the case of national banks under paragraph 'Seventh' of section 5136 of the Revised Statutes, as amended.
Página 149 - To provide a medium through which its membership may be enabled to confer, consult, and cooperate with governmental and other agencies in the solution of problems affecting investors, the public, and the investment banking and securities business...
Página 10 - ... unconditional promise to pay, directly or indirectly, an aggregate amount which (together with any other funds available for the purpose) will suffice to discharge, when due, all interest on and principal of such obligations, which promise ( 1 ) is made by a governmental entity that possesses general powers of taxation, including property taxation, and (2) pledges or otherwise commits the full faith and credit of said promisor; said term does not include obligations not so supported that are...
Página 15 - 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; or...
Página 93 - Seventh of section 5136 of the Revised Statutes (12 USC 24) provides that a national bank "shall not underwrite any issue of securities", but further provides that this restriction "shall not apply to * * * general obligations of any State or of any political subdivision thereof".
Página 3 - That no association shall hold obligations issued by said bank as a result of underwriting, dealing, or purchasing for its own account (and for this purpose obligations as to which it is under commitment shall be deemed to be held by it) in a total amount exceeding at any one time 10 per centum of its capitnl stock actuallv paid in and unimpaired and 10 per centum of its unimpaired surplus fund'.