Purchase and sale of nonsubsidiary corporation stock

Sec. 9. (a) Except as otherwise provided by law, a savings bank may not purchase shares of stock of a corporation that is not a subsidiary of that savings bank unless the purchase is considered expedient to prevent loss from a debt previously contracted in good faith. (b) A savings bank shall sell shares of stock: (1) acquired under subsection (a); and (2) that the savings bank would not otherwise have been permitted to buy; not more than six (6) months after the date of acquisition unless the director grants an extension of time for the sale. As added by P.L.42-1993, SEC.72.