Section 394-B:17 Limitations.
The following limitations shall be observed with respect to the investments of credit unions:
I. Not exceeding 5 percent of total assets shall be invested in preferred or common stock.
II. Not exceeding 5 percent of total assets shall be invested in bonds of the Dominion of Canada, its provinces and cities.
III. Not exceeding 20 percent in aggregate of the total assets shall be invested in corporate securities, New Hampshire securities, banks and bank holding company securities, and investment trust shares; provided, however, that not exceeding 5 percent of the total assets may be invested in preferred and common stock, including shares of investment trusts.
IV. Unless the value of a credit union's assets as determined by the bank commissioner shall exceed the amount of the shares and deposits by at least 5 percent, it shall be unlawful for such credit union to invest in any preferred or common stocks, including shares of investment trusts, without the written permission of the commissioner.
V. Whenever in the opinion of the bank commissioner the condition of any credit union is such that the commissioner deems it unwise for the credit union to invest in any preferred or common stocks, including shares of investment trusts, he may by written order forbid such credit union to make such investment, and said credit union shall not thereafter make such investment until such order shall be revoked in writing.
VI. No investment shall be made which, when added to investments of the same category then held, shall cause the investments in that category to exceed the percentages permitted for such category.
VII. In determining whether an investment complies with the limitations imposed by this section, the applicable limitation shall be applied to the condition of the credit union at the time of making such investment.
Source. 1983, 195:1, eff. Aug. 14, 1983.