17:19-12 - Construction period
17:19-12.Ā Construction period
When an insurance company has invested its funds in real estate pursuant toĀ the authority granted by this article, it shall, within five years from theĀ date upon which it has acquired the real estate, sell and dispose of the sameĀ unless within that period it has commenced the construction of one or moreĀ apartments, tenements, or dwelling houses thereon pursuant to the plans andĀ specifications set forth in the project approved by the board of commissionersĀ or other governing body of the city wherein the real estate is located, inĀ accordance with the provisions of this article.Ā The commissioner may, in hisĀ discretion, extend this period of five years for such further period as theĀ circumstances of the particular case seem to him to require.
Ā
When an insurance company has invested its funds in real estate pursuant toĀ the authority granted by this article, it shall, within five years from theĀ date upon which it has acquired the real estate, sell and dispose of the sameĀ unless within that period it has commenced the construction of one or moreĀ apartments, tenements, or dwelling houses thereon pursuant to the plans andĀ specifications set forth in the project approved by the board of commissionersĀ or other governing body of the city wherein the real estate is located, inĀ accordance with the provisions of this article.Ā The commissioner may, in hisĀ discretion, extend this period of five years for such further period as theĀ circumstances of the particular case seem to him to require.
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