48 U.S.C. § 752 : US Code - Section 752: Corporate real estate holdings

Search 48 U.S.C. § 752 : US Code - Section 752: Corporate real estate holdings

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.