247.9471 Purchase and sale of agricultural loans by corporation.
175 words·~1 min read·
/ky/chapter-247/247-9471A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)The corporation may purchase or contract to purchase and sell or contract to sell
agricultural loans made by lending institutions. All lending institutions are hereby
authorized to purchase and sell agricultural loans to the corporation in accordance
with the provisions of KRS 247.940 to 247.978 and the rules and administrative
regulations of the corporation.
(2)The corporation may make, or contract to make, loans to and deposits with lending
institutions. All lending institutions are hereby authorized to borrow funds and
accept deposits from the corporation in accordance with the provisions of KRS
247.940 to 247.978 and the rules and administrative regulations of the corporation.
The corporation shall require that all proceeds of its loans to or deposits with
lending institutions, or an equivalent amount, shall be used by the lending
institutions to make agricultural loans, subject to the terms and conditions as the
corporation may prescribe.
(3)To the extent that any provisions of this section may be inconsistent with any
provision of law governing lending institutions, the provisions of this section shall
control.