For the purpose of determining limitations on loans and investments the following items are to be disregarded: (1) The sale of excess reserve funds by one (1) bank to another bank; (2) The purchase of securities by a bank, under an agreement to resell at the end of a stated period; and (3) The purchase of mortgage loans by a bank, under agreement to resell at the end of a stated period. The director may, upon application by a bank, approve loans and investments in excess of the limitations provided in this chapter.
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