Md. Code, Financial Institutions § 6-707
This is the official text of Md. Code, Financial Institutions § 6-707, part of Maryland’s Code, Financial Institutions — regulates banks and lenders.
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§6–707.
Official statutory text
(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.
(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.
Status: in_force · Read it on the official government site
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