Any company incorporated under this chapter may, subject to the approval of the Secretary of Commerce, borrow funds and secure the repayment thereof by bond and mortgage or by an issue of bonds under a trust indenture. Each mortgage or issue of bonds by a company formed hereunder shall relate only to a single specified project and no other and such bonds shall be secured by mortgages upon all of the real property of which such project consists. The bonds so issued and secured and the mortgage or trust indenture relating thereto may create a first or senior lien and a second or junior lien upon the real property embraced in any project. Such bonds and mortgages may contain such other clauses and provisions as shall be approved by the Secretary of Commerce, including the right to assignment of rents and entry into possession in case of default, but the operation of the housing projects in the event of such entry by mortgagee, trustee or receiver shall be subject to the regulations of the Department of Commerce under this chapter. Provisions for the amortization of the bonded indebtedness of companies incorporated under this chapter shall be subject to the approval of the Secretary of Commerce.
HISTORY: 1962 Code Section 36-57; 1952 Code Section 36-57; 1942 Code Section 5271-23; 1933 (38) 176; 1993 Act No. 181, Section 501; 1994 Act No. 361, Section 9.
Structure South Carolina Code of Laws
Title 31 - Housing and Redevelopment
Section 31-1-20. Declaration of legislative finding.
Section 31-1-30. General duties of Secretary of Commerce with respect to housing.
Section 31-1-40. Electrical power permits.
Section 31-1-50. Penalties for violating Section 31-1-40.
Section 31-1-110. Incorporation of limited dividend housing corporations.
Section 31-1-120. Purposes of limited dividend housing corporations.
Section 31-1-130. Par value shares.
Section 31-1-140. Declaration required in articles.
Section 31-1-150. Income debentures.
Section 31-1-160. Consideration for issuance of stocks, bonds, and income debentures.
Section 31-1-170. Limited return on stock.
Section 31-1-180. Limitations on actions by companies.
Section 31-1-190. Conveyances, leases, or subleases in violation of Section 31-1-180 shall be void.
Section 31-1-200. Regulation of limited dividend housing companies.
Section 31-1-210. Investigation of limited dividend housing companies.
Section 31-1-230. Provisions of general corporation law applicable.
Section 31-1-410. Approval of projects.
Section 31-1-420. Action by city council on plans, adoptions, or rejections by director.
Section 31-1-430. Charges included in term "cost".
Section 31-1-440. Receipt and disbursement of funds by trustee.
Section 31-1-450. Acquisition of required land.
Section 31-1-460. Prerequisites to condemnation.
Section 31-1-470. Sale or purchase of lands to or from municipality.
Section 31-1-480. Purchases by one limited dividend housing corporation of property of another.
Section 31-1-490. Consolidated and extended projects; operation of more than one project.
Section 31-1-610. Control of rentals.
Section 31-1-620. Payments covered by rentals.
Section 31-1-630. Reduction of rentals.
Section 31-1-640. Surplus; maximum payments on dissolution.
Section 31-1-660. Procedure in actions against limited dividend housing corporations.
Section 31-1-670. Mortgages and mortgage bonds.
Section 31-1-680. Foreclosure.
Section 31-1-690. Foreclosures free of restrictions of Section 31-1-680.
Section 31-1-700. Enforcement of judgments not relating to mortgage indebtedness.
Section 31-1-710. Reorganization of limited dividend housing corporations.
Section 31-1-810. Standards of Federal Department of Housing and Urban Development adopted.