Section 394-B:27 Purchase or Lease of Real Estate.
I. Any such credit union may purchase, build on, improve, hold, dispose of, mortgage, rent, lease, or exchange any property, real or personal, when:
(a) Such property is necessary or incidental to its operation;
(b) It uses such property or a portion of such property as office space; or
(c) Such property is reasonably required for future expansion.
II. Any purchase, lease, mortgage, exchange or sale of real estate acquired or to be acquired for the purposes of this section shall be subject to the approval of the bank commissioner.
III. Nothing in this section shall be deemed to apply to any property, real or personal, acquired by a credit union in the normal course of its business of making secured loans.
Source. 1983, 195:1. 2003, 164:2, 3, eff. Aug. 16, 2003.