                                 CODE OF VIRGINIA

ADDITIONAL PERMISSIBLE INVESTMENTS IN REAL ESTATE (§ 6.2-873)

A. In addition to the ownership of real estate permitted in § 6.2-872, a bank
may invest:

   1. In real estate (i) for the purpose of producing income or for inventory and
   sale or (ii) for improvement, including the erection of buildings thereon, for
   sale or rental purposes. The bank may hold, sell, lease, operate, or otherwise
   exercise the rights of an owner of any such property; and

   2. In the stock or other securities or obligations of a controlled subsidiary
   corporation under &#xA7; 6.2-885 or 6.2-886 formed or utilized for the
   purposes in subdivision 1.

B. Unless specifically authorized by the Commissioner:

   1. A bank shall not invest more than five percent in the aggregate of its
   assets in the investments authorized in subdivisions A 1 and A 2.

   2. A bank shall not invest and lend in any one project an amount in excess of
   the loan limit to one borrower as provided in &#xA7; 6.2-875.

HISTORY: 1988, c. 296, § 6.1-59.1; 2010, c. 794.