SECTION 180:10-5-4. Rental or purchase of property

  A state-chartered credit union shall have the authority to rent or purchase property necessary or incidental to its operations. A credit union may plan for future growth by acquiring additional space if it has valid projections for its need for the additional space within a reasonable time. A credit union may not purchase property only for the purpose of renting the same, except that it may rent the extra space it reasonably expects to use for expanded credit union service from the time of acquisition until the space is actually needed by the credit union. A credit union does not have authority to purchase property with the expectation to make a profit from rental activity or resale.

[Source: Amended at 26 Ok Reg 1413, eff 6-11-09]