Section 51A-4-20.2 - Qualification of community development corporation as permissible investment.
51A-4-20.2. Qualification of community development corporation as permissible investment. To qualify as a permissible investment for banks pursuant to § 51A-4-20, a community development corporation shall be of a predominantly civic, community, or public nature and not merely private and entrepreneurial. Any project or entity which has been approved as a community development corporation by the Office of the Comptroller of the Currency, the Federal Reserve Board, or any other federal bank regulatory authority shall be eligible for investment by a bank, subject to the limitations of §§ 51A-4-20 to 51A-4-20.3, inclusive.
Source: SL 1992, ch 334, § 1B.