17:12B-166 - Real estate
17:12B-166.Ā Real estate
Investments may be made in real estate as follows:
(1) Office building for transaction of State association's business.
In the purchase of improved or unimproved real estate and in the erection orĀ improvement of buildings thereon for the purpose of providing offices for theĀ transaction of a State association's business.Ā Such buildings may also includeĀ space for rental purposes.Ā The cost to the State association of such lands andĀ buildings shall not exceed 50% of the sum of such State association's reserves,Ā as established under the provisions of section 128 of this act, and theĀ undivided profits account at the time such investment is made, unless theĀ commissioner shall, for good cause shown, on application therefor approve anĀ amount in excess of said 50%.
(2) Property purchased for resale to members.
In the purchase of improved or unimproved real estate in this State and in the construction or improvement of buildings thereon, for resale to members, when the contracts for resale are executed concurrently with, or prior to, suchĀ purchase.Ā The member with whom such contract for resale is made shall pay toĀ the State association upon the making of such contract, at least 20% of theĀ purchase price therein designated and shall pay the balance thereof, togetherĀ with the interest thereon, in periodical installments over a period notĀ exceeding 25 years.Ā All such properties shall be used wholly or partially forĀ dwelling purposes and all such properties shall be subject to the appraisalĀ requirements as set forth in section 167 of this act which appraisal shall beĀ made prior to the purchase of said real estate.
L.1963, c. 144, s. 166.
Ā
Investments may be made in real estate as follows:
(1) Office building for transaction of State association's business.
In the purchase of improved or unimproved real estate and in the erection orĀ improvement of buildings thereon for the purpose of providing offices for theĀ transaction of a State association's business.Ā Such buildings may also includeĀ space for rental purposes.Ā The cost to the State association of such lands andĀ buildings shall not exceed 50% of the sum of such State association's reserves,Ā as established under the provisions of section 128 of this act, and theĀ undivided profits account at the time such investment is made, unless theĀ commissioner shall, for good cause shown, on application therefor approve anĀ amount in excess of said 50%.
(2) Property purchased for resale to members.
In the purchase of improved or unimproved real estate in this State and in the construction or improvement of buildings thereon, for resale to members, when the contracts for resale are executed concurrently with, or prior to, suchĀ purchase.Ā The member with whom such contract for resale is made shall pay toĀ the State association upon the making of such contract, at least 20% of theĀ purchase price therein designated and shall pay the balance thereof, togetherĀ with the interest thereon, in periodical installments over a period notĀ exceeding 25 years.Ā All such properties shall be used wholly or partially forĀ dwelling purposes and all such properties shall be subject to the appraisalĀ requirements as set forth in section 167 of this act which appraisal shall beĀ made prior to the purchase of said real estate.
L.1963, c. 144, s. 166.
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