§ 35-3-111 — Obligations of certain federal agencies

Trustees, guardians and other fiduciaries may also invest in or lend on the following obligations issued by the following authorized federal agencies: (1) Bonds and/or debentures issued by a federal home loan bank organized under the "Federal Home Loan Bank Act" (47 Stat. 725, 12 U.S.C. § 1421 et seq.); (2) Stock of federal savings and loan associations organized under the "Home Owner's Loan Act of 1933" (48 Stat. 128, 12 U.S.C. § 1461 et seq.), and amendments to that act, and/or building and loan associations, licensed to do business in Tennessee, where the stock of the associations is insured by the federal savings and loan insurance corporation; (3) Notes, bonds, debentures or other obligations issued under title IV of the act of congress of the United States entitled "National Housing Act," approved June 27, 1934 (48 Stat. 1246, 12 U.S.C. § 1701 et seq.), and any amendments thereto; and (4) Mortgages guaranteed or insured under title III of the act of congress of the United States, entitled "Servicemen's Readjustment Act of 1944," approved June 22, 1944 (58 Stat. 284, 38 U.S.C. § 1801 et seq. [repealed]), and any amendments thereto.

Legislative History

Acts 1935 (E.S.), ch. 36, § 1; 1939, ch. 73, § 1; 1949, ch. 175, §1; C. Supp. 1950, § 9596.1(I); modified; T.C.A. (orig. ed.), § 35-311.