New Jersey § 17:2-10

§ 17:2-10.

In addition to investments in obligations of foreign governments permitted by Title

17 of the Revised Statutes or by regulation of the Commissioner of Banking, any savings

bank, savings and loan association or credit union organized under the laws of this

State may invest in such development bonds issued by foreign governments or in such

obligations of international development banks as are approved by the Comptroller

of the Currency for investment by national banks; provided, however, that the principal

and interest payable thereon shall be payable in United States dollars; and provided

further that such investments are approved by the Commissioner of Banking. In addition, the commissioner may by regulation approve investment in other bond

issues of foreign governments in which the principal and interest payable thereon

are payable in United States dollars. Such investments may not exceed, in the case of development bonds in the aggregate

5% of the institution's capital deposits, surplus, and reserves, and in the case of

other foreign bonds, 10% of an institution's capital deposits, surplus, and reserves.