Section 58-27-72 - Extension of time for disposal of real estate--Election to hold as investment forincome purposes, acquisition cost.
58-27-72. Extension of time for disposal of real estate--Election to hold as investment for income purposes, acquisition cost. Upon proof satisfactory to him that the interests of the insurer will suffer materially by the forced sale thereof, the director may by order grant a reasonable extension of the period, as specified in such order, within which the insurer shall dispose of any particular parcel of such real estate; unless the insurer elects to hold such real estate as an investment for income purposes under subdivision 58-27-50(6), in which event thereafter such real estate shall be deemed to have been acquired at a cost equal to its book value at the time of such election and to be held under, and subject to, the provisions of subdivision 58-27-50(6).
Source: SL 1966, ch 111, ch 6, § 31 (3).