Any association may invest its reserve fund for the payment of contingent losses, any reserve fund created to protect against any other contingency, and any portion of its idle funds, not immediately needed to carry on its proper functions, as follows:

Terms Used In Nebraska Statutes 8-320

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • State: when applied to different states of the United States shall be construed to extend to and include the District of Columbia and the several territories organized by Congress. See Nebraska Statutes 49-801
  • United States: shall include territories, outlying possessions, and the District of Columbia. See Nebraska Statutes 49-801

(1) In bonds, notes, warrants, or other direct obligations of the United States or of any city, village, county, township, or school, road, water, sewer, paving, drainage, or sanitary and improvement district or any other political subdivision of the State of Nebraska;

(2) In any securities and obligations issued by the Federal Home Loan Bank, the Federal National Mortgage Association, or successor corporations, bonds and debentures issued either singly or collectively by any of the twelve federal land banks, the twelve intermediate credit banks, or the thirteen banks for cooperatives under the supervision of the Farm Credit Administration, and securities of any other federal agency corporation; and

(3) In securities issued pursuant to the Nebraska Business Development Corporation Act.

Any provision of this section to the contrary notwithstanding, an association may make any investment that a federal savings and loan association doing business in this state is or may be authorized to make.

Any association may deposit its funds, or any part thereof, in any national or state bank insured by the Federal Deposit Insurance Corporation or any corporation successor thereto and receive therefor certificates of time or savings deposit or the usual bank passbook credit subject to check or in share accounts of any state or federal savings and loan association the accounts of which are insured by the Federal Deposit Insurance Corporation or any corporation successor thereto.

Source

  • Laws 1917, c. 10, § 3, p. 68;
  • Laws 1919, c. 190, tit. V, art. XIX, § 9, p. 727;
  • C.S.1922, § 8091;
  • C.S.1929, § 8-309;
  • Laws 1933, c. 25, § 1, p. 197;
  • Laws 1935, c. 14, § 3, p. 84;
  • Laws 1937, c. 14, § 1, p. 119;
  • Laws 1941, c. 90, § 32, p. 358;
  • C.S.Supp.,1941, § 8-309;
  • Laws 1943, c. 14, § 1(2), p. 79;
  • R.S.1943, § 8-320;
  • Laws 1955, c. 13, § 1, p. 81;
  • Laws 1959, c. 263, § 3, p. 922;
  • Laws 1963, c. 32, § 1, p. 192;
  • Laws 1992, LB 757, § 5;
  • Laws 2005, LB 533, § 17.
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