40-2a06. Equipment trust obligations or conditional sales contract.
40-2a06
40-2a06. Equipment trust obligations or conditional sales contract. Any insurance company other than life heretofore or hereafter organizedunder any law of this state may invest with the direction or approval of amajority of its board of directors or authorized committee thereof, any ofits funds, or any part thereof in bonds, certificates or other evidences ofindebtedness secured by any transportation or other equipment used whollyor in part within the United States of America or Dominion of Canada, thatprovide a right to receive determined rental, purchase or other fixedobligatory payments adequate to retire the obligations and also provide forvesting of title to such equipment free from incumbrance in a corporatetrustee, or for creation of a first lien on such equipment.
History: L. 1972, ch. 173, § 6; July 1.