Missouri Laws 369.254 – Association may invest in real property and mobile homes, when
An association may:
(1) Invest in such real property as the directors may deem necessary or convenient for the conduct of the business of the association; and
Terms Used In Missouri Laws 369.254
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Association: a savings and loan association or a savings association subject to the provisions of this chapter. See Missouri Laws 369.014
- Director of the division of finance: the chief officer of the division of finance. See Missouri Laws 369.014
- Home office: the location named in the articles of incorporation or the new location in place thereof approved by the director of the division of finance. See Missouri Laws 369.014
- Office: any place at which business of the association is conducted on a regular and continuing basis. See Missouri Laws 369.014
- Property: includes real and personal property. See Missouri Laws 1.020
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
(2) Invest in the acquisition of unimproved real estate lots, and other unimproved real estate for the purpose of prompt development and subdivision, principally for construction of housing or for resale to others for such construction, or for use as mobile home sites; and development and subdivision of, and construction of, improvements, including improvements to be used for commercial or community purposes, when incidental to a housing project, for sale or for rental on real estate referred to in this subdivision; and acquisition of improved residential real estate and mobile homes to be held for rental; and acquisition of improved residential real estate for remodeling, rehabilitation, modernization, renovation, or demolition and rebuilding for sale or for rental; and maintenance and management of rental real estate referred to in this subdivision. Investments for land development shall be made only within this state, or outside this state within one hundred miles of the home office of the association; provided, that any association licensed, qualified, admitted to do business as a savings association, and so conducting a savings association business in another state or states, may invest its funds for the purposes provided for in this section in this state, or outside this state within one hundred miles of the home office of the association, or within such state or states in which it is licensed, qualified, admitted to do business as a savings association and is so conducting a savings association business. The amount so invested shall not exceed the sum of the reserves and undivided profits of the association, or ten percent of its total assets, whichever is the lesser, and the maximum percentage of the amount so invested in nonresidential property shall be in accordance with regulations promulgated by the director of the division of finance. If the director of the division of finance finds that an association has abused or is abusing the powers granted in this section, the director may deny or condition the exercise of such powers until the abuse is corrected.