A building and loan association may subscribe to, buy, own and hold stock of a federal national mortgage association as required by Title 3, section 303, of the federal act known as the "National Housing Act of 1954," 68 Stat. 590, 12 U.S.C. 1716 , and amendments thereto. Such stock shall be carried on the books of the association at the cost to the association.
Effective Date: 01-10-1961