FEDERAL · 48 U.S.C. · Chapter SUBCHAPTER I—GENERAL PROVISIONS
Corporate real estate holdings
48 U.S.C. § 752
Title48 — Territories and Insular Possessions
ChapterSUBCHAPTER I—GENERAL PROVISIONS
This text of 48 U.S.C. § 752 (Corporate real estate holdings) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
48 U.S.C. § 752.
Text
No corporation shall be authorized to conduct the business of buying and selling real estate or be permitted to hold or own real estate except such as may be reasonably necessary to enable it to carry out the purposes for which it was created, and every corporation authorized after May 1, 1900, to engage in agriculture shall by its charter be restricted to the ownership and control of not to exceed five hundred acres of land; and this provision shall be held to prevent any member of a corporation engaged in agriculture from being in any wise interested in any other corporation engaged in agriculture. Corporations, however, may loan funds upon real estate security, and purchase real estate when necessary for the collection of loans, but they shall dispose of real estate so obtained within f
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Related
People of Puerto Rico v. Eastern Sugar Associates
156 F.2d 316 (First Circuit, 1946)
Puerto Rico v. Rubert Hermanos, Inc.
309 U.S. 543 (Supreme Court, 1940)
Rubert Hermanos, Inc. v. People of Puerto Rico
118 F.2d 752 (First Circuit, 1941)
In re Henneman
137 F.2d 627 (First Circuit, 1943)
Campose v. Central Cambalache, Inc.
157 F.2d 43 (First Circuit, 1946)
Rubert Hermanos, Inc. v. People
106 F.2d 754 (First Circuit, 1939)
Buscaglia v. Tax Court of Puerto Rico
68 P.R. 794 (Supreme Court of Puerto Rico, 1948)
Source Credit
History
(May 1, 1900, No. 23, §3, 31 Stat. 716; Mar. 2, 1917, ch. 145, §39, 39 Stat. 964; May 17, 1932, ch. 190, 47 Stat. 158; July 3, 1950, ch. 446, §5(2), 64 Stat. 320.)
Editorial Notes
Editorial Notes
Codification
Section is comprised of section 3 (less first sentence) of act May 1, 1900. The first sentence of such section 3 was superseded by section 39 of act Mar. 2, 1917. Prior to repeal of such section 39 by act July 3, 1950, the sentence read: "That all franchises, privileges or concessions granted under section thirty-two of said Act [act Apr. 12, 1900, ch. 191, 31 Stat. 83] shall provide that the same shall be subject to amendment, alteration, or repeal; shall forbid the issue of stock or bonds, except in exchange for actual cash, or property at a fair valuation, equal in amount to the par value of the stock or bonds issued; shall forbid the declaring of stock or bond dividends; and, in the case of public-service corporations, shall provide for the effective regulation of the charges thereof and for the purchase or taking by the public authorities of their property at a fair and reasonable valuation."
Section was not enacted as a part of the Puerto Rican Federal Relations Act which comprises this chapter.
Statutory Notes and Related Subsidiaries
Change of Name
"Puerto Rico" substituted in text for "Porto Rico" pursuant to act May 17, 1932, which is classified to section 731a of this title.
Repeals
Section 5(2) of act July 3, 1950, repealed section 39 of act Mar. 2, 1917, cited as a credit to this section, eff. July 25, 1952. See Effective Date of Repeal note set out below.
Effective Date of Repeal
Repeal of section 39 of act Mar. 2, 1917, effective July 25, 1952, see note set out under section 732 of this title.
Codification
Section is comprised of section 3 (less first sentence) of act May 1, 1900. The first sentence of such section 3 was superseded by section 39 of act Mar. 2, 1917. Prior to repeal of such section 39 by act July 3, 1950, the sentence read: "That all franchises, privileges or concessions granted under section thirty-two of said Act [act Apr. 12, 1900, ch. 191, 31 Stat. 83] shall provide that the same shall be subject to amendment, alteration, or repeal; shall forbid the issue of stock or bonds, except in exchange for actual cash, or property at a fair valuation, equal in amount to the par value of the stock or bonds issued; shall forbid the declaring of stock or bond dividends; and, in the case of public-service corporations, shall provide for the effective regulation of the charges thereof and for the purchase or taking by the public authorities of their property at a fair and reasonable valuation."
Section was not enacted as a part of the Puerto Rican Federal Relations Act which comprises this chapter.
Statutory Notes and Related Subsidiaries
Change of Name
"Puerto Rico" substituted in text for "Porto Rico" pursuant to act May 17, 1932, which is classified to section 731a of this title.
Repeals
Section 5(2) of act July 3, 1950, repealed section 39 of act Mar. 2, 1917, cited as a credit to this section, eff. July 25, 1952. See Effective Date of Repeal note set out below.
Effective Date of Repeal
Repeal of section 39 of act Mar. 2, 1917, effective July 25, 1952, see note set out under section 732 of this title.
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Bluebook (online)
48 U.S.C. § 752, Counsel Stack Legal Research, https://law.counselstack.com/usc/48/752.