Section 10-114 - Money of Corporation.
§ 10-114. Money of Corporation.
(a) Accounts.- The Corporation may create and administer the accounts that it requires.
(b) Deposit of money.- The Corporation shall deposit its money into a State or national bank or a federally insured savings and loan association that has a total paid-in capital of at least $1,000,000.
(c) Depository designees.- The Corporation may designate the trust department of a State bank, national bank, or savings and loan association as a depository to receive securities that the Corporation owns or acquires.
(d) Allowed investments.- Unless an agreement or covenant between the Corporation and the holders of its obligations limits classes of investments, the Corporation may invest its money in bonds or other obligations of, or guaranteed as to principal and interest by, the United States, the State, or a governmental unit.
[An. Code 1957, art. 83A, § 5-212(a), (b); 2008, ch. 306, § 2.]