32.20.370 - Corporate bonds and other interest-bearing or discounted obligations. - Washington Statutes

Corporate bonds and other interest-bearing or discounted obligations.

A mutual savings bank may invest its funds in bonds or other interest bearing or discounted obligations of corporations not otherwise eligible for investment by the savings bank which are prudent investments for such bank in the opinion of its board of trustees or of a committee thereof whose action is ratified by such board at its regular meeting next following such investment. The total amount a mutual savings bank may invest pursuant to this section shall not exceed ten percent of its funds.

[1977 ex.s. c 104 § 5; 1967 c 145 § 9; 1959 c 41 § 6.]