<?xml version='1.0' encoding='utf-8'?>
<section article="gfi" article_name="Financial Institutions" number="6-707" title_number="6" title_name="Credit Unions" subtitle_number="7" subtitle_name="Miscellaneous Regulations">
  <level label="a">
    <level label="1">
      <text>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.</text>
    </level>
    <level label="2">
      <text>A credit union may use fixed assets acquired under this section for:</text>
      <level label="i">
        <text>The principal office functions;</text>
      </level>
      <level label="ii">
        <text>Branches; and</text>
      </level>
      <level label="iii">
        <text>Any other activities in which the credit union engages.</text>
      </level>
    </level>
    <level label="3">
      <text>A credit union may rent excess space in a fixed asset acquired under this section as a source of income.</text>
    </level>
    <level label="4">
      <text>A credit union’s investment in fixed assets acquired under this section:</text>
      <level label="i">
        <text>May exceed 4% of the total assets of the credit union only with the prior approval of the Commissioner; and</text>
      </level>
      <level label="ii">
        <text>May not exceed 6% of the total assets of the credit union.</text>
      </level>
    </level>
  </level>
  <level label="b">
    <text>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.</text>
  </level>
</section>
