(1) Notwithstanding other provisions of the law, it is lawful for a bank, trust company,
investment company or other financial institution operating under the laws of this
state to invest the funds or money in its custody or possession, eligible for investment,
(a) debentures issued by the federal housing administrator and in obligations of national
mortgage associations; and
(b) United States government obligations, either directly or in the form of securities
of or other interests in an open-end or closed-end management type investment company
or investment trust registered under the Investment Company Act of 1940 (15 U.S.C. 80a-1 through 80a-64), as amended, if:
(i) the portfolio of the investment company or investment trust is limited to United
States government obligations and repurchase agreements fully collateralized by United
States government obligations; and
(ii) the investment company or investment trust takes delivery of the collateral for
any repurchase agreement, either directly or through an authorized custodian.
(2) The department shall publish a list of the permissible type of investments in
United States government obligations as provided in subsection (1).
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.