No corporation shall be authorized to conduct the business of buying and selling real estate or be permitted to hold or own real estate except such as may be reasonably necessary to enable it to carry out the purposes for which it was created, and every corporation authorized after May 1, 1900, to engage in agriculture shall by its charter be restricted to the ownership and control of not to exceed five hundred acres of land; and this provision shall be held to prevent any member of a corporation engaged in agriculture from being in any wise interested in any other corporation engaged in agriculture. Corporations, however, may loan funds upon real estate security, and purchase real estate when necessary for the collection of loans, but they shall dispose of real estate so obtained within five years after receiving the title. Corporations not organized in Puerto Rico, and doing business therein, shall be bound by the provisions of this section so far as they are applicable.
Notes of Decisions
People of Puerto Rico v. E. Sugar Assocs., 156 F.2d 316 (1st Cir. 1946).
· cites it 2× “964 , 48 U.S.C.A. § 752 ) and also to request the Insular Government to acquire on its behalf by eminent domain “title to any real property or estate thereon (sic) which might be necessary or advisable for the purposes of the Authority.”
Puerto Rico v. Rubert Hermanos, Inc., 309 U.S. 543 (1940).
“951 , 964 ( 48 U. S. C. § 752 ). The present controversy derives from the fact that Congress affixed no direct consequences to disobedience of its land policy for Puerto Rico.”
Rubert Hermanos, Inc. v. People, 106 F.2d 754 (1st Cir. 1939).
· cites it 9× “716 , 48 U.S. C.A. § 752; and of Section 39 of the Organic Law of Puerto Rico enacted March 2, 1917, known as the Jones Act, 48 U.”
In re Henneman, 137 F.2d 627 (1st Cir. 1943).
“The People of Puerto Rico aver that the petitioners by so doing have violated 48 U.S. C.A. § 752, 2 which restricts the right of corporations to hold agricultural lands in Puerto Rico, and also § 57 of the Land Law of Puerto Rico, 3 which purports to impose similar restrictions…”
Campose v. Cent. Cambalache, Inc., 157 F.2d 43 (1st Cir. 1946).
“951 , 964, 48 U.S.C.A. § 752 , — the so called “500 Acre Law” — gives rise to an action by a grantor against a corporation for annulment of the latter’s title to land conveyed to and held by it in excess of the limitations imposed.”
Buscaglia v. Tax Court of Puerto Rico, 68 P.R. 794 (1948).
“716 , 48 U.S.C.A. § 752 , which prohibits ownership and control by corporations of agricultural lands in excess of 500 acres.”
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