Maryland § 6-707
Full text of Maryland Maryland Code § 6-707, with citation guidance and answers to common questions.
§ 6-707.
(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.
(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.
Frequently Asked Questions About Maryland § 6-707
What does Maryland Code § 6-707 cover?
Section 6-707 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 6-707?
A common citation format is "Maryland Code § 6-707" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 6-707 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.