Examples of Subsidiary Trust in a sentence
Footnote 2.D below discusses the Federal tax consequences of the PI Subsidiary Trust.
The results of the PI Subsidiary Trust are consolidated in the accompanying financial statements.
Footnote 2.D below discusses the Federal tax consequences of the CI Subsidiary Trust.
Accordingly, prior to the Trust receiving any distributions from the PI Subsidiary Trust, all of the PI Subsidiary Trust’s taxable income and realized gains, including non-qualified income and realized gains, is subject to taxation at prevailing corporate tax rates.
The results of CI Subsidiary Trust are consolidated in the accompanying financial statements.
The PI Subsidiary Trust (described in Footnote 1, above) was formed in order to allow investment in such securities without adversely affecting the Trust’s status as a regulated investment company.The PI Subsidiary Trust is not taxed as a regulated investment company.
Accordingly, prior to the Trust receiving any distributions from the CI Subsidiary Trust, all of the CI Subsidiary Trust’s taxable income and realized gains, including non-qualified income and realized gains, is subject to taxation at prevailing corporate tax rates.
The CI Subsidiary Trust (described in Footnote 1 above) was formed in order to allow investment in such securities without adversely affecting the Trust’s status as a regulated investment company.The CI Subsidiary Trust is not taxed as a regulated investment company.
Upon repayment, the Continental- Obligated Mandatorily Redeemable Preferred Securities of Subsidiary Trust will be mandatorily redeemed.
DEFINITION OF BANKING BUSINESSThe phrase “banking business” means the busi- ness a corporation may be created to do under Article 3 (Banks and Trust Companies), Article 3- B (Subsidiary Trust Companies), Article 5 (Foreign Banking Corporations and National Banks), Article 5-A (New York Business Development Corporation), Article 6 (Savings Banks) or Article 10 (Savings and Loan Associations) of the New York State Banking Law, or the business a corporation is authorized to do by such articles.