Section 14.01. Real estate investments limited.

 

(1)   "Real estate investment" defined. An association's real estate investment includes:

(a) Funds advanced for the purchase, development and operation of the real estate.

(b) Partnership and joint venture capital contributions.

(c) Mortgage loans, commercial loans, loan guarantees and letters of credit related to underlying real estate in which the association has invested.

(d) Liability for debt of the partnership or joint venture.

(e) Any other association obligation for direct or contingent payment of debt relating to the real estate project.

(2)  An association may make a real estate investment if:

(a) The division gives prior written approval after reviewing a feasibility study, a recent appraisal provided by the association and other information which it may require; and

(b) The association's real estate investment does not directly or indirectly benefit an officer, director or employe of the association or of a subsidiary in excess of reasonable employment compensation unless the division gives prior written approval.

(3)  This section does not apply to a real estate investment permitted under s. 215.22 or 215.23 , Stats.

History: Cr. Register, June, 1989, No. 402 , eff. 7-1-89.