04 NCAC 16F .0102          INVESTMENT LIMITATION

Investments in a service corporation include not only stock and other securities of a service corporation, such as notes, bonds and debentures, but also any loans, secured or unsecured, to the service corporation.  The investment limitation established by G.S. 54B‑194 and G.S. 54C‑144 applies to the total investment that a savings institution can make in one or in any number of service corporations.  A secured loan to a state‑wide multi‑owned service corporation shall not be included in the assets investment limitation.

 

History Note:        Filed as a Temporary Amendment Eff. October 2, 1991 for a period of 180 days to expire on

March 31, 1992;

Statutory Authority G.S. 54B‑55; 54B‑194; 54C‑53; 54C‑144;

Eff. August 31, 1981;

Amended Eff. May 11, 1992; July 1, 1990; October 1, 1982.