New Jersey § 17:9a-179

§ 17:9a-179.

Subject to the limitations prescribed by section 179.1 1 a savings bank may invest in equipment obligations or certificates secured by (a)

a railroad equipment or car trust, or (b) a lease or conditional sale of or security

interest in, or (c) a lien on, railroad equipment; provided, that a savings bank

shall not invest in any such obligations or certificates: (1) if, as of the date of issue, the original aggregate principal amount of all obligations

or certificates of the same issue exceeded or exceeds (i) 80% of the lesser of the

following amounts: (x) the aggregate purchase price originally paid, or to be paid,

for the equipment securing the same, less the aggregate depreciation (if any) accrued

thereon to the date of issue, and (y) the aggregate estimated replacement cost of

such equipment as of the date of issue, less the aggregate depreciation (if any) accrued

thereon to the date of issue, or (ii), if either amount is not ascertainable, 80%

of the other amount; or (2) unless all obligations or certificates of the same issue mature within 15 years

from the date of issue, in equal installments beginning not later than 3 years after

the date of issue and payable at intervals of not exceeding 1 year. 1

N.J.S.A. § 17:9A-179.1.