HARRY HUGHES, Governor

481

SUBDIVISIONS; OR

(II) THE FEDERAL GOVERNMENT OR ANY OF ITS
AGENCIES OR INSTRUMENTALITIES;

(6) REAL PROPERTY THAT IS;

(I)       REASONABLY ANTICIPATED TO BE NECESSARY
OR CONVENIENT TO CONDUCT ITS BUSINESS, WHETHER OR NOT THE
PROPERTY IS ALSO INCOME PRODUCING IN PART;

(II)       BOUGHT AT AUCTION SALE IF THE
ASSOCIATION HAS ANY LIEN OR CLAIM ON THE PROPERTY;

(III)       ACCEPTED IN SATISFACTION OF AN

OBLIGATION;

(IV)       ACQUIRED BY THE ASSOCIATION IN AN

EXCHANGE FOR OTHER REAL PROPERTY OWNED BY THE ASSOCIATION;
OR

(V)       ACQUIRED IN CONNECTION WITH SALVAGING
THE VALUE OF PROPERTY OWNED BY THE ASSOCIATION;

(7)       EQUIPMENT NECESSARY TO CONDUCT ITS BUSINESS;

(8)       ANY LOAN TO A MEMBER OF A COOPERATIVE
HOUSING PROJECT IF THE LOAN IS SECURED BY THE ASSIGNMENT OF
THE MEMBER'S INTEREST IN A UNIT OF THE PROJECT,
NOTWITHSTANDING A PRIOR LIEN ON THE PROJECT;

(9)       DEPOSITS IN OR OBLIGATIONS OF ANY BANK THAT
IS INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION;

(10)       DEPOSITS IN OR OBLIGATIONS OF ANY STATE
BANKING INSTITUTION THAT:

(I)       THE DIVISION DIRECTOR, WITH THE ADVICE
AND CONSENT OF THE BOARD OF COMMISSIONERS, HAS APPROVED AS A
DEPOSITORY;

(II)       HAS BEEN IN BUSINESS FOR AT LEAST 10
YEARS; AND

(III)       HAS AT LEAST 5 MILLION DOLLARS
PAID-IN CAPITAL;

(11)       ANY SECURITY, OBLIGATION, OR OTHER
INSTRUMENT OF THE FEDERAL NATIONAL MORTGAGE ASSOCIATION;

(12)       ANY SECURITY, OBLIGATION, OR OTHER
INSTRUMENT OF THE STUDENT LOAN MARKETING ASSOCIATION; AND

(13)       ANY PARTICIPATION CERTIFICATE ISSUED BY THE
FEDERAL HOME LOAN MORTGAGE CORPORATION.

REVISOR'S NOTE: This section is new language derived