§ 23-36-108 — Powers generally

(a) Industrial loan institutions shall be empowered to purchase, sell, discount, or negotiate bonds, notes, or other choses in action and issue, as evidence therefor, investment certificates, contracts, or agreements under any descriptive name. They may bear such interest, if any, as their terms may provide and may require the payment to the industrial loan institution of such amounts, from time to time, as their terms may provide. The industrial loan institution may permit the withdrawal or cancellation of amounts paid upon the bonds, notes, or other choses in action, in whole or in part, from time to time, and may credit amounts thereon upon such conditions as may be set forth therein. (b) The industrial loan institution shall have the right to lend money upon the collateral deposit of, and the compliance of the borrowers with the terms of, any investment certificate, contract, or agreements issued under subsection (a) of this section. (c) All industrial loan institutions operating under the provisions of this chapter shall so distinguish their operations and so qualify them as not to perform any of the functions of a commercial bank, savings bank, or trust company, outside of the specific authority provided for their operation under this chapter.

Legislative History

Acts 1941, No. 111, §§ 3-5; A.S.A. 1947, §§ 67-1003 -- 67-1005.