§ 6.1-194.5. (Repealed effective October 1, 2010) State association maypurchase, convey or manage property in which it has a security interest; timelimitation.
A. A state association may purchase at any sale, public or private, any realestate or personal property upon which it has a mortgage, judgment, deed oftrust, pledge, lien or other encumbrance or in which it has any interest. Itmay acquire any real or personal property which may be conveyed ortransferred to it in full or partial satisfaction, discharge or release ofloans for which such property is security.
B. An association may sell, convey, lease, exchange, improve, repair,mortgage, convey in trust, pledge or encumber any real or personal propertypurchased or acquired by it as authorized by subsection A of this section.
C. An association may invest its funds, operate a business, manage or deal inproperty when any of these actions are reasonably necessary to avoid loss ona loan or investment previously made or an obligation previously created ingood faith. Such property or business is not to be held or operated by theassociation for a period in excess of six years, unless specificallyauthorized by the Commissioner.
(Code 1950, §§ 6-201.15, 6.1-142, 6.1-195.16; 1960, c. 402; 1966, c. 584;1972, c. 796; 1985, c. 425.)
§ 6.1-194.5. (Repealed effective October 1, 2010) State association maypurchase, convey or manage property in which it has a security interest; timelimitation.
A. A state association may purchase at any sale, public or private, any realestate or personal property upon which it has a mortgage, judgment, deed oftrust, pledge, lien or other encumbrance or in which it has any interest. Itmay acquire any real or personal property which may be conveyed ortransferred to it in full or partial satisfaction, discharge or release ofloans for which such property is security.
B. An association may sell, convey, lease, exchange, improve, repair,mortgage, convey in trust, pledge or encumber any real or personal propertypurchased or acquired by it as authorized by subsection A of this section.
C. An association may invest its funds, operate a business, manage or deal inproperty when any of these actions are reasonably necessary to avoid loss ona loan or investment previously made or an obligation previously created ingood faith. Such property or business is not to be held or operated by theassociation for a period in excess of six years, unless specificallyauthorized by the Commissioner.
(Code 1950, §§ 6-201.15, 6.1-142, 6.1-195.16; 1960, c. 402; 1966, c. 584;1972, c. 796; 1985, c. 425.)
§ 6.1-194.5. (Repealed effective October 1, 2010) State association maypurchase, convey or manage property in which it has a security interest; timelimitation.
A. A state association may purchase at any sale, public or private, any realestate or personal property upon which it has a mortgage, judgment, deed oftrust, pledge, lien or other encumbrance or in which it has any interest. Itmay acquire any real or personal property which may be conveyed ortransferred to it in full or partial satisfaction, discharge or release ofloans for which such property is security.
B. An association may sell, convey, lease, exchange, improve, repair,mortgage, convey in trust, pledge or encumber any real or personal propertypurchased or acquired by it as authorized by subsection A of this section.
C. An association may invest its funds, operate a business, manage or deal inproperty when any of these actions are reasonably necessary to avoid loss ona loan or investment previously made or an obligation previously created ingood faith. Such property or business is not to be held or operated by theassociation for a period in excess of six years, unless specificallyauthorized by the Commissioner.
(Code 1950, §§ 6-201.15, 6.1-142, 6.1-195.16; 1960, c. 402; 1966, c. 584;1972, c. 796; 1985, c. 425.)
