84-6

January 20, 1984

Re: Financial Code Section 751.3

Dear Mr. _________:

This is in response to your letter of January 16, 1984 concerning joint venturing activities of bank subsidiaries under Section 751.3 of the California Financial Code.

Said activities are not specifically prohibited under this section.

Very truly yours,

LOUIS CARTER
Superintendent of Banks

By

JOHN R. PAULUS
Deputy Superintendent of Banks

January 16, 1984

John Paulus

Re: Fin. C. 751.3

Dear Mr. Paulus:

I had the pleasure of speaking with Alida Buchanan on the telephone today. Ms. Buchanan indicated that it is the position of your Department that joint venturing is not prohibited to bank subsidiaries under Section 751.3 of the California Financial Code.

We would appreciate the Department’s written confirmation of its opinion that joint venturing is a permitted activity under said Section 751.3.

I shall be pleased to discuss any questions which you may have in this regard.

Very truly yours,