Real Estate Development Activities

(1) Real estate development activities can only be performed in a subsidiary of the bank. (2) Notwithstanding any other provision of this rule, no bank shall invest more than twenty-five percent (25%) of the bank’s capital in the development of any single piece of real property or real estate project. Inclusive in this limit is any investment in real property being developed that was acquired under T.C.A. §45-2-607(a)(9). (3) The application requirements of Rule 0180-19-.06 shall apply to any subsidiary seeking to engage in real estate development activities.