17:9A-180.3a. Transfer of securities to other classes becoming eligible for investment; determination of limitations
116 words·~1 min read·
/nj/title-17/chapter-9a/17-9a-180-3a·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Whenever a savings bank shall have made an investment pursuant to the act to which this is a supplement and any such security shall thereafter become eligible for investment under other statutes permitting investment by savings banks, said savings bank may transfer any such securities on its books to the class of investment under which such securities shall have become eligible for investment, and said securities shall not thereafter be included in the total of investments under the act to which this is a supplement by said savings bank in determining the limitations set forth in sections 2 and 3 of the act to which this is a supplement.
L.1958, c. 152, p. 667, s. 2.