48 U.S.C. § 752 — Corporate real estate holdings
submitted 126 years ago by Congress to r/title-48-TERRITORIES-AND-INSULAR-POSSESSIONS · 167 words · no verdicts yet
Corporations generally may not buy, sell, hold, or own real estate except as reasonably needed for their purposes. Special rules limit agricultural corporations to 500 acres and require certain real estate to be sold within five years.
A corporation may not be authorized to buy and sell real estate as a business, and it may not hold or own real estate except property reasonably necessary to carry out the purposes for which it was created. A corporation authorized after May 1, 1900, to engage in agriculture must be restricted by its charter to owning and controlling no more than 500 acres. This rule also prevents a member of an agricultural corporation from having any interest in another agricultural corporation.
A corporation may lend money secured by real estate and may buy real estate when necessary to collect a loan. It must dispose of real estate obtained this way within five years after receiving title.
A corporation not organized in Puerto Rico but doing business there must follow this section to the extent the section applies to it.
No corporation shall be authorized to conduct the business of buying and selling real estate or be permitted to hold or own real estate except such as may be reasonably necessary to enable it to carry out the purposes for which it was created, and every corporation authorized after May 1, 1900, to engage in agriculture shall by its charter be restricted to the ownership and control of not to exceed five hundred acres of land; and this provision shall be held to prevent any member of a corporation engaged in agriculture from being in any wise interested in any other corporation engaged in agriculture. Corporations, however, may loan funds upon real estate security, and purchase real estate when necessary for the collection of loans, but they shall dispose of real estate so obtained within five years after receiving the title. Corporations not organized in Puerto Rico, and doing business therein, shall be bound by the provisions of this section so far as they are applicable.
Source credit: (May 1, 1900, No. 23, § 3, 31 Stat. 716; Mar. 2, 1917, ch. 145, § 39, 39 Stat. 964; May 17, 1932, ch. 190, 47 Stat. 158; July 3, 1950, ch. 446, § 5(2), 64 Stat. 320.)
- 1917Enacted · Act of Mar. 2, 1917, ch. 145 · 39 Stat. 964
- 1932Amended · Act of May 17, 1932, ch. 190 · 47 Stat. 158
- 1950Amended · Act of July 3, 1950, ch. 446 · 64 Stat. 320
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