8-325. Real estate; acquisition and disposal; powers; limitations.

Such association may purchase, hold, lease and convey real estate or stock for the following purposes and no others:

(1) Such real estate as it may need to occupy as a place of business;

(2) Such as shall in good faith be conveyed to it in satisfaction of debts contracted in the ordinary course of business;

(3) Such as it shall purchase at sales under judgments, decrees or mortgages held by the association, or shall purchase in good faith to secure debts due;

(4) Such as it shall in good faith acquire as a part of the consideration for the sale or exchange of real estate owned by it;

(5) Such as shall be acquired in salvaging the value of property owned by the association; and

(6) Such as is permitted building and loan service corporations under section 8-320.01. Nothing in this section shall be construed to forbid the mortgaging of real estate to such associations.

Source:Laws 1899, c. 17, § 9, p. 89; R.S.1913, § 494; Laws 1919, c. 190, tit. V, art. XIX, § 10, p. 728; C.S.1922, § 8092; C.S.1929, § 8-310; Laws 1935, c. 11, § 1, p. 80; C.S.Supp.,1941, § 8-310; R.S.1943, § 8-325; Laws 1969, c. 38, § 1, p. 246.