Section 83-19-55 - Real estate holdingsA domestic company may acquire, hold, and convey real estate for the purposes and in the manner only following:
(a) The buildings in which it has its principal office and the land on which it stands.(b) Such as shall be requisite for its convenient accommodation in the transaction, enlargement, and advancement of its business.(c) Such as shall have been acquired for the accommodation of its business.(d) Such real estate as it may purchase or hold for the production of income. It may improve or otherwise develop in any manner such real estate and the improvements thereon, and may own, maintain, manage, collect and receive income from, and sell or convey the same. Said real estate described in paragraphs (a), (b), (c) and (d) shall not exceed in value, as evidenced by its original purchase price including any encumbrances thereon, fifteen percent (15%) of the assets of such company, unless the company file with the commissioner application for permission to exceed said proportion, stating its reasons therefor, and obtain his certificate approving the same.(e) Such as shall have been mortgaged to it in good faith, by way of security for loans previously contracted for money due.(f) Such as shall have been conveyed to it in satisfaction of debts previously contracted in the course of its dealings.(g) Such as it shall have purchased at sales on judgments, decrees or mortgages obtained or made for debts.All real estate specified in paragraphs (c), (e), (f) and (g) of this section shall be sold by the company and disposed of within five (5) years after it shall have acquired the title to the same, unless the company obtain the certificate of the commissioner that its interests will suffer materially from a forced sale thereof, in which event the time for the sale may be extended to such time as the commissioner shall direct in such certificate. The company may, however, elect to consider property acquired as specified in paragraphs (c), (e), (f) and (g) as real estate for the production of income, as defined in paragraph (d). Such election shall be evidenced by a written notice thereof to the commissioner, and, where such election is made, property so acquired shall be subject to the limitation of fifteen percent (15%) of the company's assets, as defined in paragraph (d), and shall not be required to be sold within said five-year period.
Codes, 1892, § 2331; 1906, § 2574; Hemingway's 1917, § 5039; 1930, § 5143; 1942, § 5653; Laws, 1946, ch. 362, § 1.