Purchases, Sales and Pledges of Loans

An association may purchase any notes or other obligations, together with the mortgages, trust deeds or other security therefor, if such notes or obligations evidence loans which, at the time of such purchase, such association would be authorized to make pursuant to this act in an amount at least equal to the amount so purchased. No association shall sell, exchange, transfer, pledge, hypothecate or otherwise dispose of or encumber any notes or other obligations held by it, evidencing any loan made or purchased by it, or the mortgages, trust deeds or other security therefor, except with the approval of the commissioner; provided, that any association may, without the necessity of obtaining such approval, sell, exchange, transfer, pledge, hypothecate or otherwise dispose of or encumber any of the notes or other obligations held by it, together with COL120106 CH. 130 INVESTMENTS, LOANS AND BORROWING the mortgages, trust deeds and other security therefor, to the extent permitted by Section 130105 or Section 130106 of this act.