State Codes and Statutes
Statutes > New-hampshire > TITLEXXXV > CHAPTER393 > 393-15-bA building and loan association or cooperative bank or savings and loan association may loan its funds as follows:
I. In loans secured by the policy of a life insurance company with a cash surrender value, provided that such securities shall have at all times a market or cash value of at least 10 percent in excess of the loan.
II. In loans secured by securities which are dealt in on the New York Stock Exchange, the American Stock Exchange or the Boston Stock Exchange or loans secured by other securities which are legal investments in this state, provided that the market price of said securities shall at all times be at least 20 percent in excess of the amount due upon the loans while held by the bank, the aggregate amount of all such loans shall at no time exceed 10 percent of a loan association's or cooperative bank's share capital.
III. In notes which are guaranteed as to payment of at least 80 percent of their outstanding principal from time to time by the New Hampshire Higher Education Assistance Foundation.
Source. 1967, 98:1, eff. July 8, 1967.
