§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]