1. (1) Exceed the 50% of capital of the industrial loan corporation limitation imposed by Sections 3(2)(b) above; or
2. (2) Include the outstanding principal amount of subordinated capital notes or debentures maturing within one year in the capital of the industrial loan corporation for the purpose of determining the amount of "total capital" under the provisions of Section 7-8-14 and Rule R339-6.

Notwithstanding the limitations of Sections 3 and 5 above, subordinated capital notes or debentures assumed under a supervisory action or plan of reorganization pursuant to Sections 7-2-1 or 7-2-12, may, at the discretion of the commissioner:

KEY: financial institutions

Date of Last Change: 1995

Notice of Continuation: September 15, 2022

Authorizing, and Implemented or Interpreted Law: 7-1-301(8)(e); 7-1-301(13)