70-3
70-3
January 20, 1970
Dear Mr. ____________:
This is in reply to your letter of January 7, 1970.
In our view, Financial Code §1232 does not apply to a national
bank in making a loan on the security of stock of another bank.
If you have any further questions regarding this matter, please fell free to contact us.
Very truly yours,
JAMES M. HALL
Superintendent of Banks
By
JAMES F. CARRIG
Counsel