32-2-933. Real estate that mutual associations may purchase, hold, or convey.
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32-2-933 . Real estate that mutual associations may purchase, hold, or convey.
(1)A mutual association organized under the provisions of this chapter may purchase, hold, or convey real estate that:
(a)is for its accommodation in the transaction of its business, but the mutual association may not invest an amount exceeding 100% of its paid-up capital in the lot and building in which the business of the company is or is projected to be carried on, furniture, equipment and fixtures, vaults and safety vaults, and boxes necessary or proper to carry on its mutual association business if property held for future use as a mutual association office site is held pursuant to a detailed written business plan formally adopted by the directors of the mutual association;
(b)is mortgaged to in good faith by way of security for loans previously made or money due to the mutual association;
(c)is conveyed to the mutual association in satisfaction of debts previously contracted in the course of its business; or
(d)it purchases at sales under judgments, decrees, or mortgages held by the mutual association.
(2)The detailed written business plan required by subsection (1)(a) must include information outlining the manner in which the acquired real estate will be developed for future use as a mutual association office site, including but not limited to the costs of projected construction, furniture, and equipment and fixtures.