1.1    .................... moves to amend H. F. No. 1392, the delete everything amendment
1.2(A07-0553), as follows:
1.3Page 9, after line 27, insert:

1.4    "Sec. 3. Minnesota Statutes 2006, section 47.19, is amended to read:
1.547.19 CORPORATION MAY BE MEMBER OR STOCKHOLDER OF
1.6FEDERAL AGENCY.
1.7    Any corporation is hereby empowered and authorized to become a member of,
1.8or stockholder in, any such agency, and to that end to purchase stock in, or securities
1.9of, or deposit money with, such agency and/or to comply with any other conditions of
1.10membership or credit; to borrow money from such agency upon such rates of interest, not
1.11exceeding the contract rate of interest in this state, and upon such terms and conditions
1.12as may be agreed upon by such corporation and such agency, for the purpose of making
1.13loans, paying withdrawals, paying maturities, paying debts, and for any other purpose not
1.14inconsistent with the objects of the corporation; provided, that the aggregate amount of the
1.15indebtedness, so incurred by such corporation, which shall be outstanding at any time shall
1.16not exceed 25 35 percent of the then total assets of the corporation; to assign, pledge and
1.17hypothecate its bonds, mortgages or other assets; and, in case of savings associations, to
1.18repledge with such agency the shares of stock in such association which any owner thereof
1.19may have pledged as collateral security, without obtaining the consent thereunto of such
1.20owner, as security for the repayment of the indebtedness so created by such corporation
1.21and as evidenced by its note or other evidence of indebtedness given for such borrowed
1.22money; and to do any and all things which shall or may be necessary or convenient in
1.23order to comply with and to obtain the benefits of the provisions of any act of Congress
1.24creating such agency, or any amendments thereto."
1.25Renumber the sections in sequence and correct the internal references
1.26Amend the title accordingly