SEC. 81-14-305. Prohibited security.

No savings bank, or subsidiary thereof, may accept its own capital stock or its own mutual capital certificates as security for any loan made by such savings bank. Further, no loans of any type shall be made, either directly or indirectly, for purposes relating to its own stock.

SOURCES: Laws, 1992, ch. 489, Sec. 75, eff from and after passage (approved May 8, 1992).

1997 Amendment

Reenacted.

SOURCE: 1997 Laws, Chapter 364, Sec. 77, HB389, Effective July 1, 1997.