Financial institutions under the jurisdiction of the state banking board may invest in stock and equity instruments of the federal agricultural mortgage corporation. The state banking board may adopt rules governing investments by North Dakota financial institutions in the stock and equity instruments of the federal agricultural mortgage corporation.
6-03-48. Investment in notes or bonds secured by insured mortgage - Debentures of federal housing administrator authorized. Banks, savings banks, trust companies, savings and loan associations, executors, administrators, guardians, trustees, and other fiduciaries, the state of North Dakota and its political subdivisions, institutions, and agencies thereof, and all other persons, associations, and corporations subject to the laws of this state may invest the funds and moneys in their custody or possession eligible for investment in notes or bonds secured by mortgage or deed of trust insured by the federal housing administrator, in debentures issued by the federal housing administrator, and in securities issued by national mortgage associations.
6-03-49. Federal housing administrator - Insured bonds and notes - Debentures - Security for deposits. Notes and bonds insured and debentures issued by the federal housing administrator are eligible as collateral to secure the deposit of public or other funds, as deposits with any public official or department, and for investment of capital, surplus, reserve, or other funds where such investment is limited to designated securities.
6-03-49.1. Bank investment in service corporation - Service corporation services and activities. 1. Subject to the approval of the state banking board, any bank may invest in a service corporation and provide services and activities through the service corporation, if: a. The service corporation is a United States corporation and is organized as a bank service corporation having its principal place of business in the United States. b. The investment in stocks, bonds, debentures, or other obligations does not exceed ten percent of paid-in and unimpaired capital and unimpaired surplus in each corporation. c. The service corporation is operated exclusively for the purpose of providing for such bank and one or more other banks, bank services which the banks would otherwise be required or permitted to provide for on an individual bank basis. The term bank services in this section includes: (1) Check and deposit sorting and posting. (2) Computation and posting of interest and other credits and charges. (3) Preparation and mailing of checks, statements, notices, and similar items. (4) Any other clerical, bookkeeping, accounting, statistical, or similar functions performed by a bank. (5) Owning and administering a credit card program for customers of banks. (6) Engaging in activities incidental to banking services. (7) Other activities that further or facilitate the corporate purposes of a bank or subsidiaries of a bank, if the services may be lawfully performed by both its national bank shareholders under the laws of the United States and its state bank shareholders under the laws of this state. 2. Payment for rent earned, goods sold and delivered, or services rendered prior to the making of the payment is not an investment under this subsection. A bank service corporation may not accept deposits.