6.1-59.1 - (Repealed effective October 1, 2010) Bank's investment in real estate other than allowed by § 6.1-59. - Virginia Statutes

§ 6.1-59.1. (Repealed effective October 1, 2010) Bank's investment in realestate other than allowed by § 6.1-59.

A. In addition to the ownership of real estate permitted in § 6.1-59, a bankmay invest:

1. In real estate, (i) for the purpose of producing income or for inventoryand sale or (ii) for improvement, including the erection of buildingsthereon, for sale or rental purposes. Such bank may hold, sell, lease,operate or otherwise exercise the rights of an owner of any such property;

2. In the stock or other securities or obligations of a controlled subsidiarycorporation under § 6.1-58.1 formed or utilized for the purposes insubdivision 1 of this subsection.

B. Unless specifically authorized by the Commissioner:

1. A bank shall not invest more than five percent, in the aggregate of itsassets, in the investments authorized in subdivisions 1 and 2 of subsection Aof this section.

2. A bank shall not invest and lend in any one project an amount in excess ofthe loan limit to one borrower as provided in § 6.1-61.

(1988, c. 296.)