Section 7A. A corporation organized under section three or an insurance company or a group of insurance companies or a savings bank or group of savings banks operating under this chapter may purchase or lease from a housing authority, redevelopment authority, municipality or other public body real estate acquired by such authority, municipality or public body for land assembly and redevelopment or urban renewal purposes under chapter one hundred and twenty-one B, upon such terms and conditions, consistent with this chapter, as shall be approved by the housing board and may erect and maintain a project upon the land so acquired. Such corporation shall not be required to offer its stock to the owners of the real estate within the location of the project and such owners have no preferential right to subscribe thereto; but in all other respects the provisions of this chapter shall be applicable to corporations acting thereunder and their projects.
Structure Massachusetts General Laws
Part I - Administration of the Government
Chapter 121a - Urban Redevelopment Corporations
Section 2 - Declaration of Public Necessity; Acquisition and Regulation of Private Property
Section 4 - Rules and Regulations of Housing Boards; Standards for Project Plans; Variations
Section 5 - Application for Approval of Project; Contents
Section 6 - Project Approval; Procedure
Section 6a - Contracts; Contents; Filing; Inspection; Approval; Collection of Amounts Payable
Section 6b - Notice of Hearing
Section 6c - Appeals; Procedure
Section 9 - Limitation in Repayment of Investment in Stock; Limitations of Dividends
Section 11 - Acquisition and Sale of Land or Interests in Land; Approval
Section 13 - Application to Change Type and Character of Buildings on Project; Approval
Section 15 - Application of Receipts in Excess of Authorized Expenditures
Section 16 - Rights, Privileges, Obligations and Duties of Corporation After Period of Organization
Section 16a - Successor in Interest to Corporation; Options; Filing of Certificate
Section 18 - Authority of Insurance Companies to Undertake Projects; Exceptions
Section 18c - Authority of Persons to Undertake or Acquire and Carry on Urban Redevelopment Projects