Section 28-6.1-10-8.5 - Purchase of speculative securities or securities not rated by a generally recognized security rating service(a) A savings bank may not purchase for its own account any bond, note, or other evidence of indebtedness that is commonly designated as a security that is speculative in character or that has speculative characteristics. For the purposes of this subsection, a security is speculative or has speculative characteristics if at the time of purchase the security:(1) is rated below the first four (4) rating classes by a generally recognized security rating service;(3) is otherwise considered speculative by the director.(b) A savings bank may purchase for its own account a security that is not rated by a generally recognized security rating service if:(1) the savings bank at the time of purchase obtains financial information that is adequate to document the investment quality of the security; and(2) the security is not otherwise considered speculative by the director.Amended by P.L. 89-2011, SEC. 46, eff. 7/1/2011.As added by P.L. 176-1996, SEC.20.