Rhode Island § 19-3-5 § 19-3-5. Non-legal investments.

Rhode Island Statutes

§ 19-3-5 — § 19-3-5. Non-legal investments.

Rhode Island·Title 19 Financial institutions·Ch. 19-3 Powers and Operations

§ 19-3-5. Non-legal investments.
(a) Any financial institution or credit union may hold stocks, bonds, or other securities
            of a non-legal character acquired in settlements and reorganizations effected to reduce
            or avoid losses on defaulted bonds and investments. These securities shall be sold
            within five (5) years after being acquired; provided, however, that the director,
            or the director's designee, shall have discretionary power regarding the enforcement
            of the five-year (5) limitation, and these securities may be held after the expiration
            of the period of five (5) years until the director, or the director's designee, shall
            orde

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§ 19-3-5. Non-legal investments.

(a) Any financial institution or credit union may hold stocks, bonds, or other securities of a non-legal character acquired in settlements and reorganizations effected to reduce or avoid losses on defaulted bonds and investments. These securities shall be sold within five (5) years after being acquired; provided, however, that the director, or the director's designee, shall have discretionary power regarding the enforcement of the five-year (5) limitation, and these securities may be held after the expiration of the period of five (5) years until the director, or the director's designee, shall order the sale of these securities.

(b) An investment that was legal when acquired, but because of changed conditions has become of non-legal character may be held subject to the same provisions as subsection (a).

Rhode Island § 19-3-5 (§ 19-3-5. Non-legal investments.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.