Section 554. Provisions of lease

1. Every lease of a project or a part
  thereof to a housing company:
    (a) shall provide that all improvements shall be the property  of  the
  lessor;
    (b)  may  require  that  provision  be  made  for  the  retirement and
  surrender of all outstanding shares and debentures upon the  termination
  of the lease;
    (c)  may reserve such easements or other rights in connection with the
  property as may be deemed necessary or desirable for the future planning
  and  development  of  the  municipality  and  the  extension  of  public
  facilities therein;
    (d)  shall  contain  a provision authorizing the lessor to designate a
  director of the housing company; and
    (e) may contain such other provisions as are not inconsistent with the
  provisions of this chapter.
    2. Such lease shall not  impose  upon  the  lessor  any  liability  or
  obligations  in  connection  with  or  arising  out  of  the  financing,
  construction, reconstruction, alteration, management or operation  of  a
  project,  but  such  lease  shall  contain  such  provisions  as  may be
  necessary to protect the interests of the authority or municipality.