§ 13-7-104 — Real estate and personal property

Wyoming § 13-7-104

• Jurisdiction: Wyoming
• Title 13: Banks, Banking and Finance
• Ch. 7: SAVINGS AND LOAN OPERATIONS
• Art. 1: POWERS

Text

(a) Except as provided in W.S. 13-7-102, any association
may acquire, hold, encumber and convey real estate and personal
property necessary for the transaction of its business or
necessary to enforce or to protect its securities but it shall
not otherwise acquire or deal in real estate. No association
shall use more than ten percent (10%) of its assets at any time
in acquiring real estate for its business location.
(b) All real estate, except that used for its business
location, shall be entered on the books as other real estate at
not more than acquisition cost or appraised fair market value,
whichever is less, and shall be sold within five (5) years after
title to the property is acquired except that the association
may:
(i) Hold real estate, other than agricultural real
estate, for a period not to exceed ten (10) years from the date
of acquisition if the association charges off the real estate at
a rate not less than that required to annually amortize the
balance over fifteen (15) years or less;
(ii) Hold agricultural real estate for more than five
(5) years after the date of acquisition only if a written waiver
is granted by the state banking commissioner. A waiver may be
granted under this paragraph for not more than one (1) year at a
time and not more than three (3) times.
(c) No exchange of real estate shall be made by any
association unless authorized by a vote of two-thirds (2/3) of
its directors.
(d) Any appraisal required under subsection (b) of this
section shall be conducted by a qualified appraiser who is not
an officer or director of the association and whose reports are
acceptable to the state banking commissioner.