(a) The aggregate amount of outstanding liabilities of a state bank for money borrowed exclusive of (1) capital notes and debentures issued under AS 06.05.307, (2) obligations incurred in connection with the purchase of bank premises under AS 06.05.230(1), and (3) agreements to repurchase securities, earlier sold by the bank, at the end of a stated period, may not at any time exceed 15 percent of the bank's total assets, or a larger amount if approved by the department.
(b) Nothing in this section prevents a bank from rediscounting in good faith and endorsing any of its negotiable notes.
(c) [Repealed, § 102 ch 26 SLA 1993.]