(1) All loan limits shall be established at the thousand-dollar ($1,000) amount nearest to the amount computed in accordance with this section;

(2) No loan to the corporation shall be made if immediately thereafter the total amount of the obligations of the corporation would exceed ten (10) times the amount then paid in on the outstanding capital stock of the corporation;

(3) The total amount outstanding on loans to the corporation made by any member at any one time, when added to the amount of the investment in the capital stock of the corporation then held by such member, shall not exceed:

(A) Twenty percent (20%) of the total amount then outstanding on loans to the corporation by all members, including in the total amount outstanding, amounts validly called for loan but not yet loaned;

(B) The following limit, to be determined as of the time such member becomes a member on the basis of the audited balance sheet of such member at the close of its fiscal year immediately preceding its application for membership:

(i) Two percent (2%) of the capital and surplus of commercial banks and trust companies;

(ii) One percent (1%) of the total outstanding loans made by a savings and loan association; provided, that any credit corporation created pursuant to this part may in its certificate of incorporation, or by appropriate amendment thereto, provide that the loan limit of a savings and loan association member shall be only one half of one percent (0.5%) of the total outstanding loans made by such savings and loan association member;

(iii) One percent (1%) of the capital and unassigned surplus of stock insurance companies, except fire insurance companies;

(iv) One percent (1%) of the unassigned surplus of mutual insurance companies, except fire insurance companies;

(v) One tenth of one percent (0.1%) of the assets of fire insurance companies; and

(vi) Such limits as may be approved by the board of directors of the corporation for other financial institutions;

(4) Subject to subdivision (3)(A), each call made by the corporation shall be prorated among the members of the corporation in substantially the same proportion that the adjusted loan limit of each member bears to the aggregate of the adjusted loan limits of all members. The adjusted loan limit of a member shall be the amount of such member's loan limit, reduced by the balance of outstanding loans made by such member to the corporation and the investment in capital stock of the corporation held by such member at the time of such call; and

(5) All loans to the corporation by members shall be evidenced by bonds, debentures, notes, or other evidences of indebtedness of the corporation, which shall be freely transferable at all times, and which shall bear interest at a rate of not less than one quarter of one percent (0.25%) in excess of the rate of interest determined by the board of directors to be the prime rate prevailing at the date of issuance thereof on unsecured commercial loans.