662.055 - Investments in public securities. - Nevada Statutes

662.055  Investments in public securities.

      1.  Notwithstanding any restrictions or limitations on investment contained in any law of this state, a bank may, without limitation, invest its funds in public securities which include:

      (a) Obligations of the United States, its agencies or other obligations guaranteed by the United States Government.

      (b) Obligations of the United States Postal Service, whether or not guaranteed as to principal and interest by the United States.

      (c) Stock or obligations of a national mortgage association or any successor or successors thereto, including the Federal National Mortgage Association.

      (d) Any bonds, general or revenue obligations or other debt obligations of any state of the United States or of any city, town, county, school district, improvement district, municipal corporation or quasi-municipal corporation of any state in the United States or other political subdivision of any such state.

      (e) The bonds, debentures, securities or other similar obligations issued pursuant to:

             (1) The Federal Farm Loan Act, as amended;

             (2) The Farm Credit Act of 1933, as amended;

             (3) The Federal Home Loan Bank Act of 1932, as amended;

             (4) The Farm Credit Act of 1971, 12 U.S.C. §§ 2001 to 2259, inclusive, as now or hereafter amended; and

             (5) Any other federal act or authority, the bonds, debentures, securities or other similar obligations of which have been approved by the Commissioner for investment.

      2.  This section is cumulative to all other laws relating to the investment of bank funds.

      (Added to NRS by 1971, 981; A 1971, 1184; 1973, 1092)