Section 56-3-306 - Time for disposal of real estate - Extension of timeReal property specified in § 56-3-305(a)(2)-(4), which is not necessary for its accommodation in the convenient transaction of its business, shall be sold and disposed of within five (5) years after the company has acquired title to the property, or within five (5) years after the property has ceased to be necessary for the accommodation of its business, and it shall not hold the property for a longer period unless it complies with either of the following:
(1) It shall procure a certificate from the commissioner authorizing an extension of time for the sale of the property, which certificate the commissioner is authorized to issue if, in the commissioner's judgment, it appears that the interest of the company will suffer materially by a forced sale of the property; or(2) It shall elect to hold the real property as an investment for income purposes under § 56-3-305(a)(5), in which event thereafter the real property shall be considered to have been acquired at a cost equal to its book value at the time of the election and to be held under, and subject to, § 56-3-305(a)(5) and (b). The election in this subdivision (2) may be made only if at the time of election the real property would otherwise qualify as a permissible investment under § 56-3-305(a)(5).Acts 1907, ch. 458, § 3; Shan., § 3348a31; Code 1932, § 6206; T.C.A. (orig. ed.), §§ 56-219, 56-308; Acts 1983, ch. 65, § 4.