7-7-29 - Investment in service organizations, business development credit corporations, and service corporations.
7-7-29. Investment in service organizations, business development creditcorporations, and service corporations.
(1) An association may invest:
(a) in capital stock, obligations, or other securities of service organizations, and ofbusiness development credit corporations incorporated in this state, provided that the aggregateof those investments may not exceed 10% of its assets; or
(b) in capital stock, obligations, or other securities of any service corporation, providedthat the aggregate of those investments may not exceed 10% of its assets.
(2) The commissioner may, by regulation, allow investments in excess of those permittedby this section, if he finds that such investments promote the viability and stability of theassociations of this state.
Amended by Chapter 378, 2010 General Session