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Maryland Code, Financial Institutions § 6-707

Current as of January 01, 2025 | Updated by Findlaw Staff

(a)(1) In addition to any other investment authorized under this subtitle, a credit union may purchase, construct, or acquire and hold, either individually or jointly with another credit union, fixed assets for the purpose of providing adequate facilities for the transaction of present and future business.

(2) A credit union may use fixed assets acquired under this section for:

(i) The principal office functions;

(ii) Branches; and

(iii) Any other activities in which the credit union engages.

(3) A credit union may rent excess space in a fixed asset acquired under this section as a source of income.

(4) A credit union's investment in fixed assets acquired under this section:

(i) May exceed 4% of the total assets of the credit union only with the prior approval of the Commissioner; and

(ii) May not exceed 6% of the total assets of the credit union.

(b) A credit union may purchase, lease, or acquire and hold tangible personal property, either individually or jointly with another credit union, as may be necessary or incidental to the operations of the credit union.

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Cite this article: FindLaw.com - Maryland Code, Financial Institutions § 6-707 - last updated January 01, 2025 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-6-707/

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