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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 362

previous next Effective - 28 Aug 1971bottom

  362.197.  Capital contributions and investments in obligations of Federal National Mortgage Association. — Every bank and every trust company organized under the laws of this state shall have the power to, and may make payments to Federal National Mortgage Association of such nonrefundable capital contributions as are required to be made by it under the National Housing Act as amended by the Housing Act of 1954 (12 U.S.C.A. Sec. 1701 et seq.) in order for the particular bank or trust company to obtain the benefits of such act, and may receive stock of the Federal National Mortgage Association evidencing such capital contributions and may hold and dispose of such stock, and invest in the obligations of Federal National Mortgage Association in any amount without regard to the restrictions and limitations contained in section 362.170.

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(L. 1955 p. 254 § 1, A.L. 1971 S.B. 163)


---- end of effective   28 Aug 1971 ----

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