1. (1) Every association shall have the power to invest in the capital stock, obligations or other securities of one or more service corporations, provided that at the time of any investment the aggregate amount paid for all the stock, obligations or other securities in service corporations by the association including the proposed investment shall not exceed ten percent of the assets of the association.
2. (2) A service corporation of an association may engage in third party real estate brokerage operations and in any business activity authorized for a service corporation of a federally chartered association by the Federal Home Loan Bank Board from time to time. If the Federal Home Loan Bank Board no longer authorizes a service corporation of a federally chartered association to engage in an activity which it had previously approved, an association may continue to engage in the activity if it receives Board approval to do so.

HISTORY: 1985 Act No. 124, Section 1.

Editor's Note

1990 Act No. 504, Section 2, effective May 30, 1990, provides as follows:

"As used in Chapter 28 of Title 34 of the 1976 Code, the term "Federal Savings and Loan Insurance Corporation" is changed to "Federal Deposit Insurance Corporation", and the term "Federal Home Loan Bank Board" is changed to "Office of Thrift Supervision". Any abbreviations or variations of these terms must also be construed accordingly. The term "Federal Home Loan Bank" as used in Section 34-28-540(c) remains the same."