§ 6.1-59.1. Bank's investment in real estate other than allowed by { 6.1-59
A. In addition to the ownership of real estate permitted in § 6.1-59, a bank may invest:
1. In real estate, (i) for the purpose of producing income or for inventory and sale or (ii) for improvement, including the erection of buildings thereon, for sale or rental purposes. Such bank may hold, sell, lease, operate or otherwise exercise the rights of an owner of any such property;
2. In the stock or other securities or obligations of a controlled subsidiary corporation under § 6.1-58.1 formed or utilized for the purposes in subdivision 1 of this subsection.
B. Unless specifically authorized by the Commissioner:
1. A bank shall not invest more than five percent, in the aggregate of its assets, in the investments authorized in subdivisions 1 and 2 of subsection A of this section.
2. A bank shall not invest and lend in any one project an amount in excess of the loan limit to one borrower as provided in § 6.1-61.
(1988, c. 296.)
Sections: Previous 6.1-56 6.1-57 6.1-58 6.1-58.1 6.1-58.2 6.1-58.3 6.1-59 6.1-59.1 6.1-60 6.1-60.1 6.1-61 6.1-62 6.1-62.1 6.1-63 6.1-64 NextLast modified: April 16, 2009