§412:7-307  Deposits made by savingsand loan associations.  A savings and loan association may deposit any ofits funds with (1) a Federal Reserve bank or a federal home loan bank in anyamount, or (2) another depository institution, provided that the net depositsin any one depository institution does not exceed twenty-five per cent of thesavings and loan association's capital and surplus, unless otherwise permittedby federal law.  In this section "net deposits in any one depositoryinstitution" means the sum of (1) balances, other than demand balances,due from the institution and (2) demand balances due from the institution, lessany demand balances due to that institution if that office of the institutionin which the deposit is made is located in the United States. [L 1993, c 350,pt of §1]