Article 3. Investment In Business Property of California Financial Code >> Division 2. >> Chapter 6. >> Article 3.
(a) Each association shall have power to invest in real
property, tangible personal property and interests in real property
for the conduct of the business of the association, or its service
corporation, which power shall include the ownership of stock of a
wholly owned subsidiary corporation having as its exclusive activity
the ownership and management of the property or interests.
(b) As used in this section, the term "real property" includes
structures or buildings located on land owned in fee or held under a
lease or sublease by the association with an unexpired term,
including extensions or renewals that are automatically effective or
may be exercised at the association's option, of 25 years at the date
of execution by the association of the lease or sublease.
(c) No association may without written approval of the
commissioner purchase, sell, or pay interest on or dividends
involving, gold or silver bullion or related instruments or
securities except gold coins minted and issued by the United States
Treasury pursuant to Public Law 99-185, 99 Stat. 1177 (1985).