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This entry was published on 2014-09-22
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Transfer of real property to redevelopment company
Private Housing Finance (PVH) CHAPTER 44-B, ARTICLE 5
§ 116. Transfer of real property to redevelopment company.
Notwithstanding any requirement of law to the contrary or the absence of
direct provision therefor in the instrument under which a fiduciary is
acting, every executor, administrator, trustee, guardian or other
person, holding trust funds or acting in a fiduciary capacity, unless
the instrument under which such fiduciary is acting expressly forbids,
the state, its subdivisions, municipalities, all other public bodies,
all public officers, persons, partnerships and corporations organized
under or subject to the provisions of the insurance law, the
superintendent of financial services as conservator, liquidator or
rehabilitator of any such person, partnership or corporation, owning or
holding any real property within an area, may grant, sell, lease or
otherwise transfer any such real property to a redevelopment company and
receive and hold any cash, stock, income debentures, bonds, mortgages,
or other securities or obligations, secured or unsecured, exchanged
therefor by such redevelopment company and may execute such instruments
and do such acts as may be deemed necessary or desirable by them or it
and by the redevelopment company in connection with a project or
projects. An insurance company which has undertaken a project through
direct ownership and/or lease may transfer to the project any real
property which it owns or holds within an area and the actual cost of
such property to the insurance company shall be included in the total
actual final cost of such project.