Section 6-707 - Credit union facilities. - Maryland Statutes

§ 6-707. Credit union facilities.
 

(a)  Acquisition of fixed assets.-  

(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)  Acquisition of personal property.- 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. 
 

[2001, ch. 147, § 1; ch. 148, § 1.]