Investments in community and economic development entities by state-chartered banks and trust companies

Investments in community and economic development entities, community development projects and other public welfare investments as described in 12 USC § 24 (Eleventh) and 12 CFR Part 24, and any amendments thereto, shall be legal investments for state-chartered banks and trust companies, to the same extent that such are authorized investments for national banks under 12 USC § 24 (Eleventh) and 12 CFR Part 24, and any amendments thereto. Required notifications and approval requests shall be submitted to the Department of Banking, except that “eligible banks” as defined in Section 81-3-1 shall be exempt from any notification requirements and approval requests.