Section 7-3-21 - Stock ownership by banks(1) A bank may purchase, own and hold, and sell or otherwise dispose of: (a) shares of the Federal Reserve Bank of the Twelfth Federal Reserve District;(b) the stock of a corporation organized under the laws of the United States for purposes similar to those of the federal reserve banks or the Federal Deposit Insurance Corporation;(c) shares of the Federal National Mortgage Association;(d) the stock of a safe deposit company;(e) the stock of a corporation owning the banking house in which any place of business of the bank is located;(f) the stock of a bank service corporation performing services for the bank;(g) the stock of a corporation acquired by the bank in satisfaction of or on account of debts previously contracted in the course of the bank's business;(h) the stock of a foreign banking corporation;(i) the stock of a corporation authorized under Title IX of the Housing and Urban Development Act of 1968;(j) the stock of the Government National Mortgage Association authorized under 12 U.S.C. Sec. 1716 et seq.;(k) the stock of a charitable foundation;(l) the stock of a community development corporation;(m) the stock of bankers' banks; and(n) the stock of an agricultural credit corporation.(2) A bank may invest in a small business investment company to the same extent allowed federally chartered banks.(3) Unless expressly authorized by this chapter, a bank may not purchase or own the stock of any other corporation except in a fiduciary capacity.Amended by Chapter 97, 2014 General Session ,§ 4, eff. 5/13/2014.Enacted by Chapter 16, 1981 General Session