26-2127. INVESTMENTS. Funds not used for loans to members may be invested in:

(a) Obligations fully guaranteed as to principal and interest by the United States government;

(b) Time certificates of deposits issued by any state or federally chartered bank within the state of Idaho whose accounts are insured by the federal deposit insurance corporation. Such time certificates of deposit may be made in an amount not to exceed the greater of the federal deposit insurance corporation insurance limits or one percent (1%) of the issuing bank’s total deposits;

(c) Time certificates of deposit or savings accounts in any state or federally chartered savings and loan association within the state of Idaho whose accounts are insured by the federal deposit insurance corporation in an amount not to exceed the greater of the federal deposit insurance corporation insurance limit or one percent (1%) of the savings and loan’s withdrawable savings liability;

(d) Shares of stock in a credit union service corporation as provided in this chapter;

(e) Shares or deposits of a corporate credit union in an amount not to exceed ten percent (10%) of the corporate credit union’s total outstanding shares, provided that the director may approve an investment in shares or deposits in excess of the ten percent (10%) limitation contained in this subsection; and

(f) Shares in the Idaho league services corporation.

History:

[26-2127, added 1977, ch. 213, sec. 2, p. 598; am. 1999, ch. 276, sec. 1, p. 690.]