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§ 6-707. Fixed assets

West's Annotated Code of MarylandFinancial Institutions

West's Annotated Code of Maryland
Financial Institutions
Title 6. Credit Unions (Refs & Annos)
Subtitle 7. Miscellaneous Regulations (Refs & Annos)
MD Code, Financial Institutions, § 6-707
§ 6-707. Fixed assets
Currentness
In general
(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.
Purchase, lease, or acquisition of tangible personal property
(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.

Credits

Added by Acts 2001, c. 147, § 1, eff. Oct. 1, 2001; Acts 2001, c. 148, § 1, eff. Oct. 1, 2001.
MD Code, Financial Institutions, § 6-707, MD FIN INST § 6-707
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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