7-3-21. Stock ownership by banks. (1) A bank may purchase, own and hold, and sell or otherwise dispose of: (a) shares of the Federal Reserve Bank of the Twelfth Federal Reserve District; (b) the stock of a corporation organized under the laws of the United States for purposes similar to those of the federal reserve banks or the Federal Deposit Insurance Corporation; (c) shares of the Federal National Mortgage Association; (d) the stock of a safe deposit company; (e) the stock of a corporation owning the banking house in which any place of business of the bank is located; (f) the stock of a bank service corporation performing services for the bank; (g) the stock of a corporation acquired by the bank in satisfaction of or on account of debts previously contracted in the course of the bank's business; (h) the stock of a foreign banking corporation; (i) the stock of a corporation authorized under Title IX of the Housing and Urban Development Act of 1968; (j) the stock of the Government National Mortgage Association authorized under 12 U.S.C. Sec. 1716 et seq.; (k) the stock of a charitable foundation; (l) the stock of a community development corporation; (m) the stock of bankers' banks; and (n) the stock of an agricultural credit corporation. (2) A bank may invest in a small business investment company to the same extent allowed federally chartered banks. (3) Unless expressly authorized by this chapter, a bank may not purchase or own the stock of any other corporation except in a fiduciary capacity.
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