A state trust company may invest its corporate funds in any type or character of equity or investment securities subject to the limitations provided by this section.
Unless the commissioner approves maintenance of a lesser amount in writing, a state trust company must invest and maintain an amount equal to at least forty percent (40%) of the state trust company's capital under Section 81-27-4.106 in unencumbered cash, cash equivalents, and readily marketable securities.
Subject to subsection (d) of this section, the total investment in equity and investment securities of any one issuer, obligor, or maker, held by the state trust company for its own account, may not exceed an amount equal to fifteen percent (15%) of the state trust company's capital. The commissioner may authorize investments in excess of this limitation on written application if the commissioner concludes that:
Notwithstanding subsection (c) of this section, a state trust company may purchase for its own account, without limitation and subject only to the exercise of prudent judgment:
Bonds and other legally created general obligations of a state, an agency or political subdivision of a state, the United States, or an agency or instrumentality of the United States;
An investment security that this state, an agency or political subdivision of this state, the United States, or an agency or instrumentality of the United States has unconditionally agreed to purchase, insure, or guarantee;
Notwithstanding 15 USCS Section 77r-1(c), subsection (c) of this section applies to investments in small business related securities as defined by 15 USCS Section 78c(a).
The commissioner may adopt rules to establish limits, requirements, or exemptions other than those specified by this section for particular classes or categories of investment, or limit or expand investment authority for state trust companies for particular classes or categories of securities or other property.
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