17-5326.   Real estate to be carried at amount invested in same.An association shall not carry any real estate on its books at a sum inexcess of the total amount invested by such association on account of suchreal estate, including advances, costs and improvements but excludingaccrued but uncollected interest, nor in excess of the appraised value ofsuch real estate plus the specific reserves set up to cover any lossthereon.

      History:   L. 1943, ch. 133, § 55; July 1.