6-453. Purchase of real estate for office and
rental purposes
An association may invest in land upon which to erect an office building, an office
building or buildings and appurtenances, for the transaction of such association's
business, or for the transaction of such business and for rental, but no such investment
may be made if the total amount of all investments of the association in such building or
buildings exceeds the aggregate amount of the association's outstanding shares of
guaranty capital, reserves available for losses and surplus, unless the superintendent,
upon a proper showing, shall approve a larger amount consistent with the needs of the
association's business and its immediate expansion. An association shall not purchase an
office building, or any part thereof, or land upon which to erect an office building,
from an affiliated institution, from an officer, director or employee of such
association, or from a corporation or association in which any officer, director or
employee is a stockholder or is an officer, director or employee, or from a partnership
in which any officer, director or employee is a partner, without the prior written
approval of the superintendent.
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