(1) A licensed financial institution shall not purchase, acquire or lease real or immovable property except as may be necessary for the purpose of conducting its business as a licensed financial institution including provision for future expansion and housing its officers and employees.
(2) Where a licensed financial institution holds any real or immovable property held or leased by it prior to the commencement of this Act for purposes other than those referred to, there shall be a 3 year period to allow for compliance with this section.
(3) A licensed financial institution may secure a debt on any real or immovable property and in default of repayment may acquire the property for resale as soon as possible, but not later than 5 years after the acquisition.