§206-12  Requirement to develop.  Any
land acquired by the board of land and natural resources, which is not
subdivided and developed either by the board or a private developer, or is not
in the process of subdivision and development for residential use, within two
years from the date of its acquisition, shall be offered for sale by the board,
free of any liens or encumbrances created by the board, to the owner or owners
from whom the fee simple ownership of the same was acquired by the board, or
their respective successors in interest, at the price at which the land was
purchased.  Land shall be considered to be in the process of subdivision and
development when the board or the private developer has prepared subdivision
and construction plans, arranged for financing, and applied to government
agencies, and otherwise taken such steps as may be appropriate for the
construction of the proposed development and is diligently prosecuting the
development in good faith. [L 1961, c 6, pt of §10; Supp, pt of §98J-10; HRS
§206-12]



 



Cross References



 



  State loans for home
buyers, see chapter 207, pt I.