32-2-908 Investments of financial institutions

32-2-908 . Investments of financial institutions. (1) Notwithstanding other provisions of the law, it is lawful for a mutual association operating under the laws of this state to invest the funds or money in its custody or possession, eligible for investment, in: (a) debentures issued by the federal housing administrator and in obligations of national mortgage associations; and (b) United States government obligations, either directly or in the form of securities of or other interests in an open-end or closed-end management type investment company or investment trust registered under the Investment Company Act of 1940, 15 U.S.C. 80a-1 through 80a-64, as amended, if: (i) the portfolio of the investment company or investment trust is limited to United States government obligations and repurchase agreements fully collateralized by United States government obligations; and (ii) the investment company or investment trust takes delivery of the collateral for any repurchase agreement, either directly or through an authorized custodian. (2) The department shall publish a list of the permissible type of investments in United States government obligations as provided in subsection (1).