§ 23-38-213 - Investment in real estate. - Arkansas Statutes

23-38-213. Investment in real estate.

(a) Any building and loan association operating under the provisions of this act and having assets in excess of five hundred thousand dollars ($500,000) may permanently invest a portion of its funds in real estate on which there is, or may be, erected a building suitable to be occupied as offices of the association and for revenue to be derived from rentals of that portion of the building which is not required by the association for its own use. The amount so invested shall not exceed the surplus and reserve of the association.

(b) The association may also acquire real estate in satisfaction of debts owing to it, previously contracted in the course of its business, or purchased under the foreclosure at sheriff's, judicial, or any other sale, public or private, upon which real estate the association may have or hold a mortgage lien or other interest or encumbrance for the purpose of securing any debts due it or for the protection of its interest in the real estate.