Investments in related service corporations.
1. An association may invest in the capital stock, obligations or other securities of a related service corporation organized under the laws of this state, except a corporation organized for the underwriting or sale of insurance, subject to any regulations concerning the insurability of the association’s accounts by the Federal Deposit Insurance Corporation and to whatever regulations the Commissioner may impose in this regard, if the entire capital stock of the corporation is available for purchase by associations organized under the laws of this state only.
2. No association may make the investment if its aggregate, outstanding investments, pursuant to subsection 1, would then be in excess of 1 percent of its assets.
Last modified: February 26, 2006