§ 23-47-605 - Community development corporations.
23-47-605. Community development corporations.
(a) As used in this section, the term "public welfare" means developing housing, fostering economic growth and revitalization, creating small businesses, including minority-owned businesses, and supporting other community development initiatives approved by the Bank Commissioner.
(b) A state bank may make investments designed primarily to promote the public welfare, either directly or by purchasing interests in an entity primarily engaged in making the investments.
(c) A state bank shall not make any investment if the investment would expose the bank to unlimited liability.
(d) The commissioner may limit a state bank's investments in any one (1) project and a bank's aggregate investments under this section.
(e) In no case shall a state bank's aggregate investments under this section exceed ten percent (10%) of the bank's capital base.