
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 48USC752]

 
              TITLE 48--TERRITORIES AND INSULAR POSSESSIONS
 
                         CHAPTER 4--PUERTO RICO
 
                    SUBCHAPTER I--GENERAL PROVISIONS
 
Sec. 752. Corporate real estate holdings

    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 five years after receiving the title. 
Corporations not organized in Puerto Rico, and doing business therein, 
shall be bound by the provisions of this section so far as they are 
applicable.

(May 1, 1900, No. 23, Sec. 3, 31 Stat. 716; Mar. 2, 1917, ch. 145, 
Sec. 39, 39 Stat. 964; May 17, 1932, ch. 190, 47 Stat. 158; July 3, 
1950, ch. 446, Sec. 5(2), 64 Stat. 320.)

                          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 The first sentence of such section 3 was superseded by section 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.

                         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.
