A. An association may own real property upon which any facility used in connection with the operation of the association is or will be located. The supervisor may order that any property be sold which cannot reasonably be expected to be used as a future location.
B. An association may acquire or hold real property for the purpose of investment, development or improvement up to an aggregate value not to exceed five percent of its total assets.
History: 1953 Comp., § 48-15-90, enacted by Laws 1967, ch. 61, § 46.
ANNOTATIONSCross references. — For meaning of "supervisor", see 58-10-2J NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 279 to 284.
9 C.J.S. Banks and Banking § 237; 12 C.J.S. Building and Loan Associations § 50.