1. To the same extent that a bank may invest its money in obligations of the United States, a bank may invest its money and may invest the money in its custody or possession which is eligible for investment: (a) In bonds or notes secured by a mortgage or deed of trust insured or guaranteed by the Federal Housing Administrator or the Department of Veterans Affairs; (b) In mortgages on real property which have been accepted for insurance by the Federal Housing Administrator or Department of Veterans Affairs; and (c) In obligations of national mortgage associations or bonds, debentures, consolidated bonds or other obligations of any Federal Home Loan Bank or Banks. 2. A bank may make such loans: (a) Secured by real property, as the Federal Housing Administrator or Department of Veterans Affairs has insured or has made a commitment to insure, and may obtain such insurance. (b) As are insured or guaranteed by the Federal Housing Administrator, and on being approved as eligible for credit insurance by the Department of Veterans Affairs, may make such loans as are insured or guaranteed by the Department of Veterans Affairs. 3. Wherever by statute of this state: (a) Collateral is required as security for the deposit of public money; (b) Deposits are required to be made with any public officer or department; or (c) An investment of stockholders or members equity, or a reserve or other fund is required to be maintained, consisting of designated securities, bonds and notes secured by a mortgage or deed of trust insured by the Federal Housing Administrator or Department of Veterans Affairs, debentures issued by the Federal Housing Administrator and obligations of national mortgage associations are eligible for those purposes. 4. No law of this state prescribing the nature, amount or form of security or requiring security upon which loans or investments may be made, prescribing or limiting the rates of time of payment of the interest any obligation may bear, or prescribing or limiting the period for which loans or investments may be made, applies to loans or investments made pursuant to this section.
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