Limitation of total investment in certain obligations.

The aggregate total amount a mutual savings bank may invest in the following shall not exceed the sum of eighty-five percent of its funds and one hundred percent of its borrowings as permitted under RCW 32.08.140, as now or hereafter amended and RCW 32.08.190, as now or hereafter amended:(1) Mortgages upon real estate and participations therein;(2) Contracts for the sale of realty;(3) Mortgages upon leasehold estates; and(4) Notes secured by pledges or assignments of first mortgages or real estate contracts.The limitation of this section shall not apply to GNMA certificates, mortgage backed bonds, mortgage pass-through certificates or other similar securities purchased or held by the bank.[ 1981 c 86 s 8; 1977 ex.s. c 104 s 7; 1969 c 55 s 10; 1963 c 176 s 19.]Notes:Severability—1981 c 86: See note following RCW 32.08.140.