(1) An association may invest its funds in real property, including property convenient for locations for the transaction of its business.
(2) An association shall not invest or obligate itself to invest more than 10 percent of its assets in the total cost of real property, including improvements thereon, for its business locations, without the prior approval of the Director of the Department of Consumer and Business Services.
(3) An association may invest a reasonable amount in property such as furniture, fixtures and equipment, for use in carrying on its own business.
(4) An association shall not enter, or at any time carry on its books, the real property and improvements thereon owned by it under subsection (1) of this section at a valuation exceeding actual cost to the association. Investments in improvements to real property held under this section and investments under subsection (3) of this section shall be reduced annually by direct depreciation or creation of a depreciation reserve. [1975 c.582 §95]
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