An institution may purchase, hold, convey, sell or lease:
(1) The real estate and improvements thereto in which the business of the institution is carried on, including, with its offices, other space in the same building to rent as a source of income.
(2) Furniture, fixtures, vaults, safe deposit boxes and other personal property necessary or convenient to carrying on the business of the institution.
(3) Real or personal property purchased by or conveyed to the institution in satisfaction of or on account of debts previously contracted in the course of its business, or otherwise acquired in the course of collecting debts.
(4) Real estate purchased at execution sale or under a judgment.
(5) Real estate conveyed to the institution in connection with its purchase of a bona fide contract of sale covering the real estate conveyed.
(6) Real estate purchased with the approval of the Director of the Department of Consumer and Business Services for the purpose of future location or expansion of the business of the institution.
(7) Real estate held in trust and real estate purchased with assets other than those of the institution. [1997 c.631 §131; 2003 c.576 §545]Section: Previous 708A.135 708A.140 708A.145 708A.150 708A.160 708A.165 708A.170 708A.175 708A.180 708A.185 708A.190 708A.195 708A.200 708A.210 708A.250 Next
Last modified: August 7, 2008