Authority to Engage in Leasing Safe Deposit Facilities: Subsidiary Company

(a)Subject to such regulations as the Board may prescribe, a bank, trust company or safe deposit company may maintain and lease safe deposit boxes and may accept property or documents for safekeeping if, except in the case of night depositories, it issues a receipt therefor.

(b)A territorial bank or trust company may own stock in safe deposit companies not exceeding in aggregate cost 15% of its capital and surplus, but at least 90% of the stock in each such safe deposit company must be owned by banks or trust companies.