17:12B-166 - Real estate - New Jersey Statutes

17:12B-166.  Real estate
    Investments may be made in real estate as follows:

      (1) Office building for transaction of State association's business.

     In the purchase of improved or unimproved real estate and in the erection or  improvement of buildings thereon for the purpose of providing offices for the  transaction of a State association's business.  Such buildings may also include  space for rental purposes.  The cost to the State association of such lands and  buildings shall not exceed 50% of the sum of such State association's reserves,  as established under the provisions of section 128 of this act, and the  undivided profits account at the time such investment is made, unless the  commissioner shall, for good cause shown, on application therefor approve an  amount in excess of said 50%.

      (2) Property purchased for resale to members.

     In the purchase of improved or unimproved real estate in this State and in the construction or improvement of buildings thereon, for resale to members, when the contracts for resale are executed concurrently with, or prior to, such  purchase.  The member with whom such contract for resale is made shall pay to  the State association upon the making of such contract, at least 20% of the  purchase price therein designated and shall pay the balance thereof, together  with the interest thereon, in periodical installments over a period not  exceeding 25 years.  All such properties shall be used wholly or partially for  dwelling purposes and all such properties shall be subject to the appraisal  requirements as set forth in section 167 of this act which appraisal shall be  made prior to the purchase of said real estate.

     L.1963, c. 144, s. 166.