1. Notwithstanding any restrictions or limitations on investment contained in any law of this state, a bank may, without limitation, invest its funds in public securities which include:
(a) Obligations of the United States, its agencies or other obligations guaranteed by the United States Government.
(b) Obligations of the United States Postal Service, whether or not guaranteed as to principal and interest by the United States.
(c) Stock or obligations of a national mortgage association or any successor or successors thereto, including the Federal National Mortgage Association.
(d) Any bonds, general or revenue obligations or other debt obligations of any state of the United States or of any city, town, county, school district, improvement district, municipal corporation or quasi-municipal corporation of any state in the United States or other political subdivision of any such state.
(e) The bonds, debentures, securities or other similar obligations issued pursuant to:
(1) The Federal Farm Loan Act, as amended;
(2) The Farm Credit Act of 1933, as amended;
(3) The Federal Home Loan Bank Act of 1932, as amended;
(4) The Farm Credit Act of 1971, 12 U.S.C. §§ 2001 to 2259, inclusive, as now or hereafter amended; and
(5) Any other federal act or authority, the bonds, debentures, securities or other similar obligations of which have been approved by the Commissioner for investment.
2. This section is cumulative to all other laws relating to the investment of bank funds.
(Added to NRS by 1971, 981; A 1971, 1184; 1973, 1092)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.