The obligations, as defined in

Section 1480, excepting the obligations described in

Section and the obligations described in

Section 1483, of any one person owing to a commercial bank at any one time shall not exceed the following limitations: (

a) Obligations which are unsecured shall not exceed percent of the sum of the shareholders’ equity, allowance for loan losses, capital notes, and debentures of the bank. (

b) Obligations, secured and unsecured, in all shall not exceed percent of the sum of the shareholders’ equity, allowance for loan losses, capital notes, and debentures of the bank. The calculation in subdivision (

a) and this subdivision shall conform to a commercial bank’s one-time election to opt out of the requirement to include all components of accumulated other comprehensive income pursuant to, and in accordance with, the authority granted in paragraph (2) of subdivision (

b) of

Section 324.22 of Part of Title of the Code of Federal Regulations. Obligations arising out of the discount of commercial or business paper actually owned by the person negotiating the same and endorsed by such person without limitation, together with the secured and unsecured obligations, if any, of such person, shall not exceed percent of the sum of the shareholders’ equity, allowance for loan losses, capital notes, and debentures of the bank.

No commercial bank shall be required, solely by reason of the amendments of this article, to dispose of or reduce any loan which complied with the applicable limitations of this division at the time such loan was made, nor shall any such bank be prevented solely by reason of the provisions of this

article from renewing any such loan from time to time.