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Section 41-3423 - INVESTMENTS.

ID Code § 41-3423 (2019) (N/A)
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41-3423. INVESTMENTS. (1) A service corporation shall invest and have invested its funds in the following investments only:

(a) Cash on deposit or in savings accounts in banks or trust companies;

(b) Deposits in or shares of such savings and loan associations as are insured by an instrumentality of the United States government, and not in excess of the amount of such insurance in any one (1) such institution; and

(c) Real estate for use as a home office and/or one or more branch offices, at a cost not exceeding ten per cent (10%) of the corporation’s assets at the time of investment, unless a larger amount has been approved by the director.

(2) The investable funds of a service corporation may also be invested in securities and other investments permitted by and pursuant to the provisions of chapter 7, title 41, Idaho Code, and for the purposes of chapter 7, title 41, Idaho Code, a service corporation shall be deemed to be an "insurer."

History:

[41-3423, added 1961, ch. 330, sec. 781, p. 645; am. 1980, ch. 215, sec. 1, p. 487; am. 1984, ch. 98, sec. 1, p. 226; am. 1997, ch. 369, sec. 1, p. 1175.]

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Section 41-3422 - SURPLUS FUND.
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Section 41-3424 - RECORDS AND ACCOUNTS.