§ 1705. Quantitative limitations. * (a)(1) Unless the superintendent\nshall have given prior written approval, a parent corporation shall not\nmake an investment for its own account in any subsidiary (not at the\ntime exempt from the provisions of this section) if, after giving effect\nto such investment, the aggregate investment value of all subsidiaries\nthen directly invested in by the parent corporation (excluding\ninvestments in subsidiaries at the time exempted from this subsection)\nwould be in excess of thirty percent (but not more than twenty percent\nwith respect to subsidiaries not having their principal operations in\nthis state, and, in the case of a parent corporation of the type\ndescribed in subsection (b) of section one thousand seven hundred one of\nthis article, not more than ten percent) of the parent corporation's\nadmitted assets.\n (2) Unless the superintendent shall have given prior written approval,\nneither the parent corporation nor any subsidiary (other than a separate\naccount subsidiary or any subsidiary referred to in subsection (c) of\nsection one thousand seven hundred four of this article) may make any\ninvestment in any subsidiary (not at the time exempt from this\nparagraph), if, after giving effect to such investment, the investment\nvalue of such subsidiary would aggregate more than fifteen percent (but\nnot more than two percent in the case of a parent corporation of the\ntype described in subsection (b) of section one thousand seven hundred\none of this article) of the parent corporation's admitted assets.\n * NB See other sub§ (a) (Sep. amended - cannot be put together)\n * (a)(1) Unless the superintendent shall have given prior written\napproval, a parent corporation shall not make an investment for its own\naccount in any subsidiary (not at the time exempt from the provisions of\nthis section) if, after giving effect to such investment, the aggregate\ninvestment value of all subsidiaries then directly invested in by the\nparent corporation (excluding investments in subsidiaries at the time\nexempted from this subsection) would be in excess of thirty percent (but\nnot more than twenty percent with respect to subsidiaries not having\ntheir principal operations in this state and, in the case of a parent\ncorporation of the type described in subsection (b) of section one\nthousand seven hundred one of this article, not more than ten percent)\nof the parent corporation's admitted assets.\n (2) Unless the superintendent shall have given prior written approval,\nneither the parent corporation nor any subsidiary (other than a separate\naccount subsidiary or any subsidiary referred to in subsection (c) of\nsection one thousand seven hundred four of this article) may make any\ninvestment in any subsidiary (not at the time exempt from this\nparagraph), if, after giving effect to such investment, the investment\nvalue of such subsidiary would aggregate more than fifteen percent (but\nnot more than two percent in the case of the parent corporation of the\ntype described in subsection (b) of section one thousand seven hundred\none of this article) of the parent corporation's admitted assets.\n * NB See other sub§ (a) (Sep. amended - cannot be put together)\n (b) "Admitted assets," for the purposes of this section, has the\nmeaning ascribed to it by subparagraph (B) of paragraph one of\nsubsection (b) of section one thousand four hundred five of this\nchapter.\n (c) (1) For the purposes of computations under paragraph one of\nsubsection (a) of this section, the aggregate investment value of all\nsubsidiaries at any time directly invested in by the parent corporation\n(excluding investments in subsidiaries at the time exempted from\nsubsection (a) of this section) shall mean the sum of (i) the minimum\nvalue of each such subsidiary of which equity securities (including\npartnership interests) are directly held by the parent corporation, (ii)\nindebtedness of such subsidiaries then outstanding
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