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99.140 Restrictions on redevelopment corporations.

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99.140 Restrictions on redevelopment corporations. No redevelopment corporation shall: <br>(1) Undertake any clearance, reconstruction, improvement, alteration or construction in connection with any development until the certificates of approval required by KRS <br>99.040 to 99.060 have been issued; (2) Change, alter, amend, add to or depart from the development plan until the planning commission or the supervising agency, as the case may be, has issued a certificate <br>of approval of that portion of such change, alteration, amendment, addition or <br>departure relevant to the finding required to be made by it as set forth in KRS <br>99.070; (3) After a development has been commenced, sell, transfer or assign any real property in the development area without first obtaining the consent of the planning <br>commission and the supervising agency; (4) Undertake more than one (1) development; <br>(5) Pay dividends, if any, except out of net earnings; <br>(6) Pay as compensation for services to, or enter into contracts for the payment of compensation for services to, its officers or employees in an amount greater than the <br>limit thereon contained in the development plan, or in default thereof, then in an <br>amount greater than the reasonable value of the services performed or to be <br>performed by such officers or employees; (7) Lease an entire building or improvement in the development area to any person or corporation without obtaining the approval of the supervising agency, which may be <br>withheld only if the lease is being made for the purpose of evading the regulatory <br>provisions of KRS 99.010 to 99.310; (8) Mortgage any of its real property without obtaining the approval of the planning commission and the supervising agency; (9) Make any guarantee without obtaining the approval of the supervising agency; <br>(10) Dissolve without obtaining the approval of the supervising agency, which may be given upon such conditions as the supervising agency may deem necessary or <br>appropriate to the protection of the interest of the city in the proceeds of the sale of <br>the real property acquired by condemnation as provided in KRS 99.120, such <br>approval to be indorsed on the certificate of dissolution and such certificate not to <br>be filed in the Department of State in the absence of such indorsement; or (11) Reorganize without obtaining the approval of the supervising agency. Effective: June 2, 1942 <br>History: Created 1942 Ky. Acts ch. 36, sec. 6.