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99.280 Obligations insured under Federal Housing Act not subject to investment limits.

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99.280 Obligations insured under Federal Housing Act not subject to investment limits. The limits as to principal amount secured by mortgage referred to in KRS 99.270 shall <br>not apply to certificates, bonds and notes, or part interests therein, or any part of an issue <br>thereof, which are secured by first mortgage on real property in a development area, or <br>any part thereof, which the federal housing administrator has insured or has made a <br>commitment to insure under the National Housing Act. Any such person, partnership, <br>corporation, public body or public officer may receive and hold any debentures, <br>certificates or other instruments issued or delivered by the federal housing administrator, <br>pursuant to the National Housing Act, in compliance with the contract of insurance of a <br>mortgage on real property in the development area, or any part thereof. Effective: June 2, 1942 <br>History: Created 1942 Ky. Acts ch. 36, sec. 16.