1. A savings bank may hold, manage and convey real property, including apartments and other buildings:
(a) Acquired at or by foreclosure of the real property or a conveyance in lieu of foreclosure; or
(b) Developed or built by the savings bank.
Unless the savings bank has received a written waiver from the Commissioner, the total of money which it has advanced or committed for property which it has developed or built may not exceed twice the sum of its capital, surplus, undivided profits, loan reserve, federal insurance reserve and any other reserves specified by the Commissioner.
2. When a savings bank acquires title to any real property pursuant to subsection 1, the document representing the transaction must be recorded. This subsection does not require recordation of the evidences of any transfer of stock resulting from foreclosure of an interest in a cooperative housing corporation.
(Added to NRS by 1969, 963; A 1979, 711; 1981, 512; 1983, 1789; 1987, 1973; 2017, 1943)
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