§863. Real estate for office facilities
1. Authorizing. A credit union may invest in real estate by the purchase of improved or unimproved real estate, and in the erection or improvement of buildings thereon together with fixtures and equipment, for the purpose of providing offices for the transaction of its business. Such buildings may include space for rental purposes.
[PL 1975, c. 500, §1 (NEW).]
2. Limitation. The cost to the credit union of lands, buildings, fixtures and equipment described in subsection 1 may not exceed 60% of the credit union's total surplus at the time the investment is made; except that the superintendent may, for good cause shown, upon application by the credit union in writing, approve an amount in excess of 60% of total surplus, subject to such conditions as the superintendent considers necessary.
[PL 2017, c. 143, §10 (AMD).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 2017, c. 143, §10 (AMD).
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