Page:United States Statutes at Large Volume 60 Part 1.djvu/825

 PUBLIC LAWS-CH. 736-AUG. 2, 1946 The aggregate use value placed, for purposes of lease or sale, upon all land, within a particular project area, leased or sold by the Agency pursuant to this Act shall be not less than one-third of the aggregate cost to the Agency of acquiring all such land (excluding the cost of old buildings destroyed and the demolition and clearance thereof). POTFYTION OF REDEPVEOPMENT PLAN Articles of inorpo SEc. 11. (a) Previous to the execution and delivery by the Agency of a lease or conveyance to a redevelopment company or previous to the consent by the Agency to an assignment or conveyance by a lessee or purchaser to a redevelopment company, the articles or certificate of incorporation or association or charter or other basic instrument of such company shall contain provisions so defining, limiting, and regu- lating the exercise of the powers of the company that neither the company nor its stockholders, its officers, its directors, its members, its beneficiaries, its bondholders, or other creditors or other persons shall have any power to amend or to effect the amendment of the terms and conditions of the lease or the terms and conditions of the sale without the consent of the Agency or, in relation to the project area redevelop- ment plan, without the approval of any proposed modification in accordance with the provisions of section i2 of this Act; and no action of stockholders, officers, directors, bondholders, creditors, partners or other persons, nor any reorganization, dissolution, receivership, consolidation, foreclosure, or any other change in the status or obliga- tion of any redevelopment company, partnership, or individual in any litigation or proceeding in any Federal or other court shall effect any release or any impairment or modification of the lease or terms of sale or of the project area redevelopment plan unless such consent or approval be obtained. Organsatin (b) Redevelopment corporations may be organized under the pro- development corpora- tions. visions of subchapter 4 of chapter XVIII of the Code of Law for the District of Columbia approved March 3, 1901, as amended (title 29, 31 Stt. 1284. ch. 2 of the District of Columbia Code, 1940 edition); and said D. C. Code II 29- 201 to 29-2o. corporations shall have the power to be redevelopment companies Ante, p. 61. under this Act and to acquire and hold real property for the purposes set forth in this Act and to exercise all other powers granted to redevelopment companies in this Act subject to the provisions, limitations, and obligations set forth in this Act. Books o account. (C) A redevelopment company, individual, or partnership to which any project area or part thereof is leased or sold under this Act shall keep books of account of its operations of or transactions relating to such area or part thereof entirely separate and distinct from its or his accounts of and for any other project area or part thereof or any other real property or enterprise; and no lien or other interest shall be placed upon any real property in said area to secure any indebted- ness or obligation of the redevelopment company, individual, or partnership incurred for or in relation to any property or enterprise outside of said area. XODnIFCAT1ONS OP BEDEVELOPMENT PLANS SEC. 12. An approved project area redevelopment plan may be modified at any time or times: Provided,That any such modification as it may affect an area or part thereof which has been sold or leased shall not become effective without the consent in writing of the pur- chaser or lessee thereof: Provided further, That such modification may be effected only through adoption by the Planning Commission and subsequent submission to and approval by the District Commis- sioners, as hereinafter provided. Before approval, the District Com- missioners shall hold a public hearing on the proposed modification, 798 [60 STAT.

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