Sec. 7. (a) The amount of real estate that a corporation incorporated under this chapter may purchase or own may not exceed:
(1) one hundred sixty (160) acres; and
(2) five hundred thousand dollars ($500,000) in value.
(b) A corporation incorporated under this chapter may sell any land that it possesses or may possess.
[Pre-2008 Recodification Citations: subsection (a) formerly 15-1-2-6 part; subsection (b) formerly 15-1-2-10.]
As added by P.L.2-2008, SEC.5.
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