51A-4-20.2. Qualification of community development corporation as permissible investment.
85 words·~1 min read·
/sd/title-51/chapter-51-4/51a-4-20-2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
To qualify as a permissible investment for banks pursuant to § 51A-4-20 , a community development corporation shall be of a predominantly civic, community, or public nature and not merely private and entrepreneurial. Any project or entity which has been approved as a community development corporation by the Office of the Comptroller of the Currency, the Federal Reserve Board, or any other federal bank regulatory authority shall be eligible for investment by a bank, subject to the limitations of §§ 51A-4-20 to 51A-4-20.3 , inclusive.