3 AAC 02.205 [Effective 12/27/2023] Bank Investments

• Library: Alaska Administrative Code
• Edition: 2023
• Currency: Current through November 28, 2023
• Citation: 3 AAC 02.205
• Year: 2023

(a) In addition to loans, subsidiaries, and acquisitions expressly authorized by AS 06.05 and this chapter, a state bank may deal in, underwrite, and invest in for its own account

(1) direct or guaranteed obligations of the United States, either directly or in the form of securities of, or other interests in, an open-end management type investment company or investment trust registered under 15 U.S.C. 15undefined80a- 15undefined1 - 15undefined80a- 15undefined64 (Investment Company Act of 1940), if(A) the portfolio of the investment company or investment trust is limited to obligations of the United States government and repurchase agreements fully collateralized by the obligations and (B) the investment company or investment trust takes delivery of the collateral directly or through an authorized custodian;

(2) general obligations of this state or its political subdivisions;

(3) general obligations of another state of the United States or its political subdivisions;

(4) revenue obligations of this state or its political subdivisions subject to the limitation of (b) of this section;

(5) revenue obligations of another state of the United States or its political subdivisions subject to the limitation of (b) of this section;

(6) obligations of instrumentalities of the United States government including Federal Intermediate Credit Banks, Federal Land Banks, the Federal National Mortgage Association, and Banks for Cooperatives;

(7) commercial paper of prime or equivalent quality as rated by a nationally recognized rating service subject to the limitation of (b) of this section;

(8) secured corporate obligations ranked or graded in the top four categories by a nationally recognized rating service subject to the limitation of (b) of this section;

(9) repealed 12/27/2023;

(10) stock in the Federal National Mortgage Association, a Federal Reserve Bank, or a Federal Home Loan Bank;

(11) the stocks, bonds, and other securities of (A) a corporation licensed under AS 10.13 or (B) a corporation attempting to become licensed under AS 10.13 if the corporation intends to use the proceeds to fulfill the tasks necessary to become licensed under AS 10.13; or

(12) obligations...