§337. Real estate for offices and facilities
117 words·~1 min read·
/me/title-9-b-financial-institutions/chapter-33-branches/337·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. Authority. A financial institution may invest in improved or unimproved real estate, and in the erection or improvement of buildings thereon, together with, furniture, fixtures, equipment and capitalized leases on any fixed asset items for the purpose of providing offices or facilities for transaction of the institution's authorized business; and such buildings may include space for rental purposes.
[PL 1979, c. 429, §7 (AMD).]
2. Limitations. Real estate, furniture, fixtures, equipment and capitalized leases, combined, invested in pursuant to subsection 1 may not exceed 60% of the total capital. The superintendent may approve in writing, upon application by an institution and for good cause shown, a greater percentage.
[PL 1997, c. 398, Pt. E, §8 (AMD).]