Pennsylvania Act 1937-231 — SAVINGS INSTITUTIONS, LOANS BY

Act text

SAVINGS INSTITUTIONS, LOANS BY
                  Act of May 26, 1937, P.L. 887, No. 231              Cl. 07
                                  AN ACT

     Relating to savings institutions chartered under special acts of
        Assembly; and specifying additional securities upon which
        such institutions may lend deposits received by them.

        Section 1.  Be it enacted, &c., That, from and after the
     passage of this act, all savings institutions chartered under
     special acts of this Commonwealth of Pennsylvania may,
     notwithstanding any provisions of their charters, lend the
     moneys received by them on deposit upon the bonds of any county,
     city, borough, township or school district within this
     Commonwealth issued pursuant to the authority of any law of this
     Commonwealth, for the payment of which the faith and credit of
     the county, city, borough, township or school district issuing
     them are pledged.
        Section 2.  This act shall become effective immediately upon
     final enactment.