3-52-12. Legal investments.
61 words·~1 min read·
/nm/chapter-3-municipalities/article-52-municipal-transit/3-52-12·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Bonds are legal investments for savings banks and insurance companies under the laws of this state. They are bonds, notes or other obligations of a municipal subdivision of this state, issued pursuant to a law of this state, for the purposes of investment or purchase by the state investment officer.
History: 1953 Comp., § 14-53-12, enacted by Laws 1965, ch. 300.