§ 172. Restrictions on investments. 1. Every private banker may,
subject to the limitations and restrictions contained in this article,
make such investments of funds held by him as a private banker in real
or personal securities, or personal property, as are consistent with
safety and prudence of management.

2. No private banker shall appropriate to his own use or lend to any
person with whom he is associated as a partner, or invest in any
business conducted by a partnership of which he is a member, any funds
held by him as a private banker.

3. No private banker shall, after June thirtieth, nineteen hundred
thirty-eight, make with funds held by him as a private banker any loan
to, or investment in the capital stock of, any corporation of which
fifty per centum of the capital stock is owned or controlled directly or
indirectly, or as a result of any such investment would be so owned or
controlled by such private banker, as a private banker and as an
individual, or if such private banker is a partnership, by such
partnership and the individual members thereof, if as a result thereof
the total amount of outstanding loans and investments so made after such
date will exceed ten per centum of his permanent capital with respect to
any one such corporation, or will exceed twenty-five per centum of his
permanent capital with respect to all such corporations.