LegalFix
Sign In

5-1.5-7-1. Achievement of purpose of article

IN Code § 5-1.5-7-1 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

Sec. 1. In order to:

(1) carry out its purpose under this article of making loans to qualified entities by purchase of the securities and by receipt of its income from service charges and from payments of interest on and the maturing principal of securities purchased and held by it; and

(2) produce revenues or income to the bank sufficient at all times to meet its costs and expenses of operation under this article and to pay the principal of and interest on its outstanding bonds and notes when due;

the bank must at all times, and to the greatest extent possible, plan to issue its bonds and notes and lend money to qualified entities so that the purpose is achieved without in any way jeopardizing any rights of the holders of bonds or notes of the bank or adversely affecting other matters under this article.

As added by P.L.25-1984, SEC.1. Amended by P.L.43-1985, SEC.24.

No previous sections
Next Section
5-1.5-7-2. Default; appointment of trustee to represent holders of notes or bonds