The Florida Senate

424.14  Limitations on powers of housing companies.--No limited dividend housing company incorporated under this chapter shall:

(1)  Acquire any real property or interest therein unless it shall first have obtained from the Department of Community Affairs a certificate that such acquisition is necessary or convenient for the public purpose defined in this chapter.

(2)  Sell, transfer, assign, or lease any real property without first having obtained the consent of the department, provided, however, that leases conforming to the regulations and rules of the department and for actual occupancy by the lessees may be made without the consent of the department. Any conveyance, encumbrance, lease, or sublease made in violation of the provisions of this section and any transfer or assignment thereof shall be void.

(3)  Pay interest returns on its mortgage indebtedness and its income debenture certificates at a higher rate than 7.5 percent per annum.

(4)  Issue its stock, debentures, and bonds covering any project undertaken by it in an amount greater in the aggregate than the total actual final cost of such project, including the lands, improvements, charges for financing and supervision approved by the department and interest and other carrying charges during construction.

(5)  Mortgage any real property without first having obtained the consent of the department.

(6)  Issue any securities or evidences of indebtedness without first having obtained the approval of the department.

(7)  Use any building erected or acquired by it for other than housing purposes, except that when permitted by law the story of the building above the cellar or basement and the space below such story may be used for stores, commercial, cooperative or community purposes, and when permitted by law the roof may be used for cooperative or community purposes.

(8)  Charge or accept any rental, purchase price, or other charge in excess of the amounts prescribed by the department.

(9)  Enter into contracts for the construction of housing projects, or for the payments of salaries to officers or employees except subject to the inspection and revision of the department under such regulations as the department from time to time may prescribe.

(10)  Voluntarily dissolve without first having obtained the consent of the department.

(11)  Make any guaranty without approval of the department.

History.--s. 13, ch. 16028, 1933; CGL 1936 Supp. 4151(145); ss. 18, 35, ch. 69-106; s. 35, ch. 73-302; s. 64, ch. 81-167; s. 67, ch. 83-55.