40-2b08. Equipment trust obligations or conditional sales contracts.
40-2b08
40-2b08. Equipment trust obligations or conditional sales contracts. Any life insurance company heretofore or hereafter organized under anylaw of this state may invest by loans or otherwise, with the direction orapproval of a majority of its board of directors or authorized committeethereof, any of its funds, or any part thereof in bonds, certificates orother evidences of indebtedness secured by any transportation or otherequipment used in the United States of America or Dominion of Canada, thatprovide a right to receive determined rental, purchase or other fixedobligatory payments adequate to retire the obligations and also provide forvesting of title to such equipment free from encumbrance in a corporatetrustee, or for creation of a first lien on such equipment.
History: L. 1972, ch. 179, § 8; July 1.