7-8-14. Investment in property used in conduct of business.
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7-8-14. Investment in property used in conduct of business.
(1)An industrial bank may invest in premises, equipment, and other property used in conducting its own business, as the board of directors may approve by resolution. This property may include:
(a)real property and any interest in real property, furniture, fixtures, and equipment for use in carrying on its own business; and
(b)the stock, bonds, debentures, or other obligations of any subsidiary or affiliate whose exclusive activity is the ownership and management of property used in conducting the industrial bank's business.
(2)The amount of these investments may not exceed 50% of the industrial bank's total capital, unless the commissioner approves a higher amount in writing.
Amended by Chapter 92 , 2004 General Session