                                 CODE OF VIRGINIA

AUTHORITY TO PURCHASE, CONVEY OR MANAGE PROPERTY IN WHICH STATE SAVINGS
INSTITUTION HAS A SECURITY INTEREST; TIME LIMITATION (§ 6.2-1111)

A. A state savings institution may:

   1. Purchase at any sale, public or private, any real estate or personal
   property upon which it has a mortgage, judgment, deed of trust, pledge, lien
   or other encumbrance or in which it has any interest; and

   2. Acquire any real or personal property that is conveyed or transferred to it
   in full or partial satisfaction, discharge or release of loans for which such
   property is security.

B. A state savings institution may sell, convey, lease, exchange, improve,
repair, mortgage, convey in trust, pledge, or encumber any real or personal
property purchased or acquired by it as authorized by subsection A.

C. A state savings institution may invest its funds in or manage or deal in
property or invest its funds in or operate a business, when any of these actions
are reasonably necessary to avoid loss on a loan or investment previously made
or an obligation previously created in good faith. Such property or business
shall not be held or operated by the state savings institution for a period in
excess of six years unless specifically authorized by the Commissioner.

HISTORY: Code 1950, § 6-201.15; 1960, c. 402; 1966, c. 584, § 6.1-142; 1972,
c. 796, § 6.1-195.16; 1985, c. 425, § 6.1-194.5; 2010, c. 794.