Section 407 - Provisions applicable to trust companiesA trust company:
(a) Investments--May make any investment subject to the limitations in section 504 on investments authorized for savings banks, other than the limitation on investments in shares of stock, and may make any other investment specifically authorized by its articles;(b) Borrowings--May borrow money(i) In amounts not in excess of twenty-five per cent of the aggregate of capital and surplus, and(ii) For a period not in excess of three months and in any larger amount or for any longer period authorized by the department and may issue notes, debentures and other obligation to evidence borrowings;
(c) Bonds and suretyship--May not act as surety or give any bond or guarantee, except as specifically provided by this act; and(d) Limitation on dealings in own shares--May not acquire or hold for its own account any shares of its own stock, except as specifically provided by this act.1965, Nov. 30, P.L. 847, No. 356, § 407. Amended 1982, April 8, P.L. 262, No. 79, § 6, imd. effective.