Notwithstanding any other provision of law, any savings and loan association or insurance company organized under the laws of this state which has as one (1) of its principal purposes the making or purchasing of loans secured by real estate mortgages is authorized to:(1) Sell such mortgage loans to the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Government National Mortgage Association, or any other corporation chartered by an act of Congress for such purposes, or any successor thereof;(2) In connection therewith, make payments of any capital contributions required pursuant to law in the nature of subscriptions for stock of the entities described in subdivision (1) of this section;(3) Receive stock evidencing such capital contributions; and(4) Hold or dispose of such stock.Acts 1997, No. 80, § 1. Notwithstanding any other provision of law, any savings and loan association or insurance company organized under the laws of this state which has as one (1) of its principal purposes the making or purchasing of loans secured by real estate mortgages is authorized to:(1) Sell such mortgage loans to the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Government National Mortgage Association, or any other corporation chartered by an act of Congress for such purposes, or any successor thereof;(2) In connection therewith, make payments of any capital contributions required pursuant to law in the nature of subscriptions for stock of the entities described in subdivision (1) of this section;(3) Receive stock evidencing such capital contributions; and(4) Hold or dispose of such stock.Acts 1997, No. 80, § 1.
Arkansas Legal Code