(f) To the extent specified in this subsection , a bank may purchase, hold, convey, sell, or lease real or personal property as follows: (1) The real property in or on which the business of the bank is carried on, including its banking offices; other space in the same property to rent as a source of income; permanent or vacation residences or recreational facilities for its officers and employees; other real property necessary to the accommodation of the bank's business, including but not limited to parking facilities, data processing centers, and real property held for future banking use where the bank in good faith expects to use the property as bank premises; provided that if the bank ceases to use any real property and improvements thereon for one of the foregoing purposes, it shall, within five years thereafter, sell the real property, cease to carry it or them as an asset, or transfer the real property to an operating subsidiary of the bank; provided further that the bank's investment in an operating subsidiary shall not exceed fifteen per cent of the bank's tier one capital; provided further that the property shall not, without the approval of the commissioner, exceed seventy-five per cent of the bank's capital and surplus;(2) Personal property used in or necessary to the accommodation of the bank's business, including but not limited to furniture, fixtures, equipment, vaults, and safety deposit boxes. The bank's investment in furniture and fixtures shall not, without the approval of the commissioner, exceed twenty-five per cent of the bank's capital and surplus;(3) Personal property and fixtures that the bank acquires for purposes of leasing to third parties, and real property interests as shall be incidental thereto;(4) Real property or tangible personal property as may come into its possession as security for loans or in the collection of debts; or as may be purchased by or conveyed to the bank in satisfaction of or on account of debts previously contracted in the course of its business, when the property was held as security by the bank; and(5) The seller's interest under an agreement of sale, as that term is defined in section s 501-101.5 and 502-85, including without limitation the reversionary interest in the real estate and the right to income under the agreement of sale, with or without recourse to the seller. Except as otherwise authorized in this section , any tangible personal property acquired by a bank pursuant to subsection (f)(4) shall be disposed of as soon as practicable and shall not, without the written consent of the commissioner, be considered a part of the assets of the bank after the expiration of two years from the date of acquisition.
Except as otherwise authorized in this section , any real property acquired by a bank pursuant to subsection (f)(4) shall be sold or exchanged for other real property by the bank within five years after title thereto has vested in it by purchase or otherwise, or within a later time as may be granted by the commissioner.
Any bank acquiring any real property in any manner other than provided by this section shall immediately, upon receiving notice from the commissioner, charge the same to profit and loss, or otherwise remove the same from assets, and when any loss impairs the capital and surplus of the bank the impairment shall be made good in the manner provided in this chapter.
For purposes of this subsection , "tier one capital" has the same meaning as "tier 1 capital" as set forth in title 12 Code of Federal Regulations section 325.2(v).