Revised Code of Washington - RCW Title 31 Miscellaneous Loan Agencies - Section 31.12.438 Investment in real property or leasehold interests for own use -- Future expansion

§ 31.12.438. Investment in real property or leasehold interests for own use -- Future expansion

(1) A credit union may invest in real property or leasehold interests primarily for its own use in conducting business, including, but not limited to, structures and fixtures attached to real property, subject to the following limitations:

(a) The credit union's net worth equals at least five percent of the total of its share and deposit accounts;

(b) The board approves the investment; and

(c) The aggregate of all such investments does not exceed seven and one-half percent of the total of its share and deposit accounts.

(2) If the real property or leasehold interest is acquired for future expansion, the credit union must satisfy the use requirement in subsection (1) of this section within three years after the credit union makes the investment.

(3) The director may, upon written application, waive any of the limitations listed in subsection (1) or (2) of this section.

[2001 c 83 § 20; 1997 c 397 § 37. Prior: 1994 c 256 § 87; 1994 c 92 § 198; 1984 c 31 § 45. Formerly RCW 31.12.435.]

Notes:
     Findings -- Construction -- 1994 c 256: See RCW 43.320.007.

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Last modified: April 7, 2009