§53-37  Participation by certaincorporations.  One or more insurance companies may organize, or cause to beorganized, a redevelopment corporation formed pursuant to the provisions ofthis 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 ofany redevelopment corporation and may also invest, singly or jointly, in a bondand first mortgage or in an issue of bonds secured by mortgage or trustindenture constituting a first lien upon any project as provided in this part. An insurance company, however, which owns stock or income debenturecertificates of a redevelopment corporation and also owns bonds or a bond andmortgage or an interest in a bond and mortgage of the same redevelopmentcorporation shall not, without the consent of the agency, sell all or any partof the bonds or the bond and mortgage or of its interest in the bond ormortgage unless it shall simultaneously sell the stock and the income debenturecertificates owned by it.

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

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