§53-37  Participation by certain
corporations.  One or more insurance companies may organize, or cause to be
organized, a redevelopment corporation formed pursuant to the provisions of
this part, and purchase for cash or receive and hold in exchange for property,
and own and control, the stock or the income debenture certificates or both of
any redevelopment corporation and may also invest, singly or jointly, in a bond
and first mortgage or in an issue of bonds secured by mortgage or trust
indenture constituting a first lien upon any project as provided in this part. 
An insurance company, however, which owns stock or income debenture
certificates of a redevelopment corporation and also owns bonds or a bond and
mortgage or an interest in a bond and mortgage of the same redevelopment
corporation shall not, without the consent of the agency, sell all or any part
of the bonds or the bond and mortgage or of its interest in the bond or
mortgage unless it shall simultaneously sell the stock and the income debenture
certificates owned by it.



Notwithstanding any other provisions of law, an
insurance company owning all or a part of the stock of a redevelopment
corporation may enter into contracts contemplated by this part and agree by
contract with the redevelopment agency not to sell, assign, or otherwise
transfer the stock, income debentures, or mortgage bonds of the redevelopment
corporation during the period of tax exemption provided for by the contract
pursuant to this part without the consent of the agency.  The insurance company
may make such capital contributions to the redevelopment corporation, in cash
or by cancellation of securities or otherwise, as may be necessary to enable
the redevelopment corporation to comply with all conditions precedent to its
dissolution and conveyance of its property in accordance with subsection (a) of
section 53-36, and upon dissolution of the redevelopment corporation, acquire
the project and own and operate the same as a permanent investment for such
period as it or they may deem desirable either directly or through acquisition
and ownership of the capital stock of any corporation which may acquire title
to the project pursuant to subsection (a) of section 53-36.



Except as specifically provided herein this
part shall not be deemed to limit or restrict any power or authority granted to
insurance companies or to any other corporation or to any fiduciary by any
other provision of law. [L 1949, c 379, §20; RL 1955, §143-36; HRS §53-37]