§ 27-11-1 - Power of life insurance company to acquire and hold property.
SECTION 27-11-1
§ 27-11-1 Power of life insurance companyto acquire and hold property. – Any life insurance company incorporated under a charter granted by the generalassembly of this state and any life insurance company incorporated under acharter or the laws of any other state in the United States of America which isempowered to engage in the business of making insurance upon lives, and whichhas complied with or shall comply with the requirements of chapter 2 of thistitle to engage in the life insurance business in this state, may and isauthorized to invest in, purchase, lease, or acquire by gift or otherwise, andhold without any limitation of time, any real property or any interest in theproperty, in this state, and may use that property, and any other real propertyowned, held, or leased by it, for a housing project or projects designed toprovide accommodations for ten (10) or more families or for any otherinvestment or income producing purposes.