Oklahoma § 18-381.55 - Investment in real property

§ 18-381.55. Investment in real property

In addition to any powers of investment permitted pursuant to

paragraph 17 of Section 381.54 of this title, every association

shall have power to invest in real property as follows:

1. Such real property or interests therein as the directors may

deem necessary or convenient for the conduct of the business of the

association, which for the purposes of this act shall be deemed to

include the ownership of stock of a wholly owned subsidiary

corporation having as its exclusive activity the ownership and

management of such property or interests, but the amount so invested

shall not exceed the sum of the reserves and undivided profits of

Oklahoma Statutes - Title 18. Corporations

the association, unless the State Banking Commissioner authorizes a

greater amount to be so invested;

2. An amount not exceeding the lesser of:

a.

the sum of its reserves and undivided profits, or

b.

ten percent (10%) of its assets as reported in its

most recent quarterly thrift financial report or other

statement of condition submitted to the Oklahoma State

Banking Department, in the purchase of real estate for

the purpose of producing income or for inventory or

sale or for development and improvement, including the

erection of buildings thereon, for sale or rental

purposes;

3. Such real property as may be acquired in satisfaction or

partial satisfaction of indebtedness owed to the association, by

deed, sheriff's deed, trustee's deed or otherwise.

Added by Laws 1970, c. 101, § 55, eff. June 1, 1970. Amended by

Laws 1988, c. 65, § 28, emerg. eff. March 25, 1988; Laws 1993, c.

183, § 56, eff. July 1, 1993; Laws 2000, c. 81, § 58, eff. Nov. 1,

2000.