Section 393:24 Real Estate Investments.
Investments may be made in real estate as follows:
I. In the purchase of houses, or the purchase of land and the construction of houses thereon, and may sell or lease the same.
II. In the purchase of improved or unimproved real estate and in the construction or improvement of buildings thereon for the purpose of providing offices for the transaction of an association's business. Such buildings may also include space for rental purposes. The cost to the association of such lands and buildings shall not exceed the sum of such association's guaranty fund, surplus, other reserves at the time such investment is made, except as it is authorized to do so by the commissioner.
III. The assets of cooperative banks, building and loan associations and savings and loan associations may be invested in fee simple interests in real estate which the association may from time to time acquire by foreclosure, by the acceptance of a deed in lieu of foreclosure, or by purchase. The association may lease and convey real estate so acquired and may invest their assets in the improvement or development of such real estate. The book value of the investments in real estate acquired by an association under the authority of this section shall not exceed 5 percent of its deposits. The authority to purchase real estate shall be limited to real estate located in New Hampshire, but in lieu of direct purchase may include acquisition of not more than 45 percent of the capital stock in a New Hampshire corporation holding fee simple interests in New Hampshire real estate, the primary corporate purposes of which, as stated in the articles of agreement thereof, are solely the purchase, holding, sale, rental or development of such real estate. Provided that such investments shall be solely for the purpose of developing housing units and supportive facilities; and no individual investment shall be held for more than 6 years.
Source. 1887, 93:2, 12. PS 166:10. PL 266:14. RL 314:20. 1947, 24:7. RSA 393:24. 1955, 131:1. 1963, 313:4. 1965, 317:3. 1967, 87:1. 1971, 517:1, eff. Sept. 5, 1971.