Oklahoma § 18-381.56 - Investment in securities

§ 18-381.56. Investment in securities

In addition to any powers of investment permitted pursuant to

paragraph 17 of Section 381.54 of this title, associations shall

have power to invest in securities as follows:

1. In obligations of, or obligations which are fully guaranteed

as to principal and interest by, the United States or this state; in

stock or obligations of any Federal Home Loan Bank or Banks; in

stock or obligations of the Federal Deposit Insurance Corporation;

and in stock or obligations of the Federal National Mortgage

Association or any successor or successors thereto;

2. In time deposits, certificates, accounts, or other

obligations of banks or other financial institutions, the accounts

of which are insured by the Federal Deposit Insurance Corporation or

the National Credit Union Administration;

3. Not in excess of five percent (5%) of its assets, as

reported in its most recent quarterly thrift financial report or

other statement of condition submitted to the Oklahoma State Banking

Department, in bonds, notes or other evidences of indebtedness which

are a general obligation of, or guaranteed as to principal and

interest by, any agency or instrumentality of the United States not

specified in paragraph 1 of this section, or of any city, county or

school district in this state; and

4. Not in excess of ten percent (10%) of its assets in the

capital stock, obligations or other securities of service

organizations substantially all of the activities of which consist

of originating, purchasing, selling and servicing loans upon real

estate and participating interests therein, or clerical,

Oklahoma Statutes - Title 18. Corporations

bookkeeping, accounting, statistical or similar functions performed

primarily for financial institutions plus such other activities as

the State Banking Commissioner may approve.

Added by Laws 1970, c. 101, § 56, eff. June 1, 1970. Amended by

Laws 1983, c. 26, § 1, emerg. eff. April 18, 1983; Laws 1987, c. 61,

§ 12, emerg. eff. May 4, 1987; Laws 1990, c. 118, § 18, emerg. eff.

April 23, 1990; Laws 1993, c. 183, § 57, eff. July 1, 1993; Laws

2000, c. 81, § 59, eff. Nov. 1, 2000.