(a) Loans may be made for the following agriculture related purposes and no other:
(i) To provide for the purchase of farm lands;
(ii) To provide for the purchase of equipment as defined by the board, fertilizers and livestock necessary for the proper and reasonable operation of the mortgaged farm lands;
(iii) To provide for buildings and other improvements, as defined by the board, of farm lands;
(iv) To liquidate indebtedness of the owner of the land to be mortgaged;
(v) Repealed By Laws 2008, Ch. 42, § 2.