R339-4-6. Exception to the Limits on Amounts of Subordinated Capital Notes or Debentures which May be Issued

Notwithstanding the limitations of Sections 3 and 5 above, subordinated capital notes or debentures assumed under a supervisory action or plan of reorganization pursuant to Sections 7-2-1 or 7-2-12, may, at the discretion of the commissioner: (1) Exceed the 50% of capital of the industrial loan corporation limitation imposed by Sections 3(2)(b) above; or (2) Include the outstanding principal amount of subordinated capital notes or debentures maturing within one year in the capital of the industrial loan corporation for the purpose of determining the amount of "total capital" under the provisions of Section 7-8-14 and Rule R339-6.