Section 124. Participation by certain corporations

One or more insurance
  companies shall have the power to organize, or cause to be organized,  a
  redevelopment company formed pursuant to the provisions of this article,
  and  to  purchase  for  cash  or  to  receive  and  hold in exchange for
  property, and to own and control, the  stock  or  the  income  debenture
  certificates  or  both  of any redevelopment company and shall also have
  power to invest, singly or jointly, in a bond and first mortgage  or  in
  an  issue of bonds secured by mortgage or trust indenture constituting a
  first lien upon any project as provided in this  article.  An  insurance
  company, however, which owns stock or income debenture certificates of a
  redevelopment  company  and also owns bonds or a bond and mortgage or an
  interest in a bond and mortgage of the same redevelopment company  shall
  not, without the consent of the supervising agency, sell all or any part
  of  such bonds or such bond and mortgage or of its interest in such bond
  and mortgage unless it shall simultaneously sell  such  stock  and  such
  income debenture certificates owned by it.
    Notwithstanding  any  other  provision of law, an insurance company or
  companies operating a redevelopment project or owning all of  the  stock
  of a redevelopment company are hereby expressly authorized to enter into
  contracts contemplated by this article and to agree by contract with the
  municipality  not to sell, assign, or otherwise transfer such project or
  the stock, income debentures or mortgage  bonds  of  such  redevelopment
  company  during the period of tax exemption provided for by the contract
  pursuant to this article without the consent of  the  local  legislative
  body  of  the municipality. An insurance company or companies owning all
  of the stock of a redevelopment company are hereby expressly  authorized
  to make such capital contributions to any such redevelopment company, in
  cash  or by cancellation of securities or otherwise, as may be necessary
  to enable such redevelopment  company  to  comply  with  all  conditions
  precedent   to  its  dissolution  and  conveyance  of  its  property  in
  accordance with section one hundred twenty-three of  this  article,  and
  upon  dissolution  of  such  a  redevelopment  company,  to  acquire the
  project, complete the same if not theretofore  completed,  and  own  and
  operate the same as a permanent investment for such period as it or they
  may  deem desirable either directly or through acquisition and ownership
  of the capital stock of any corporation which may acquire title  to  the
  project pursuant to subdivision one of section one hundred twenty-three.
    An  insurance company, instead of investing its funds in the stock and
  debentures or other obligations of a redevelopment company, may  through
  direct ownership and/or lease acquire, own, construct, manage or operate
  as  an  investment for such period as it may deem desirable, one or more
  projects, in which event the provisions of subsection one of section one
  hundred twelve of this article  applicable  to  redevelopment  companies
  shall  be  applicable  to  such insurance company in its operations with
  respect to any such project but not otherwise. Said provisions  and  the
  ensuing  provision  of  this section shall cease to be applicable to any
  such project and to  such  insurance  company  in  its  operations  with
  respect  to  such project after termination of any tax exemption granted
  pursuant to section one hundred twenty-five of this article with respect
  to such project, whether such termination shall be by expiration  or  by
  any  other  cause,  or  in  the  event  that prior thereto the insurance
  company elects to pay the municipality the total of  all  accrued  taxes
  for  which  such  exemption  was  granted  and  received,  together with
  interest at the rate of five per centum per annum. If any  such  project
  shall be sold by an insurance company, the tax exemption with respect to
  such  project  shall  thereupon  cease  and  terminate  unless the local
  legislative body shall otherwise provide.

    Until the termination of any tax exemption granted pursuant to section
  one hundred twenty-five of this article or until the provisions of  this
  article shall otherwise cease to be applicable:
    1.  An insurance company shall be entitled to earn and retain annually
  on a cumulative  basis  in  respect  of  each  project  operated  by  it
  hereunder,  before  depreciation  but  after providing for all expenses,
  taxes and assessments attributable to such  project  or  to  the  income
  therefrom,  a sum equal to but not exceeding six per centum of the total
  actual final cost of the  project  as  defined  by  subdivision  two  of
  section one hundred twelve of this article.
    2.  Separate  accounts  shall  be kept for each project operated by an
  insurance company.
    3. If the income from  any  such  project  for  any  year,  after  all
  expenses,  taxes  and  assessments attributable thereto or to the income
  therefrom, shall be in excess of six per  centum  of  the  total  actual
  final  cost of such project as defined by subdivision two of section one
  hundred twelve of this article, such  excess  shall  be  credited  to  a
  special reserve account.
    4.  If  the  income  from  any  such  project  for any year, after all
  expenses, taxes and assessments attributable thereto or  to  the  income
  therefrom  shall  be less than six per centum of such total actual final
  cost, such deficiency shall be  charged  against  such  special  reserve
  account.
    The  amount  of  any  accrued  taxes  and  interest thereon paid by an
  insurance company pursuant  to  the  second  paragraph  of  section  one
  hundred  twenty-five of this article may be charged against such special
  reserve account. An amount equal to any balance remaining to the  credit
  of  such special reserve account on the termination of the period of tax
  exemption shall be paid into the general fund of the municipality.    If
  any project shall be conveyed to an insurance company in accordance with
  subdivision five of section one hundred twenty-three of this article, an
  amount  equal  to  all  accrued  and  unpaid  interest, amortization and
  dividends  on  the  stock  and  evidences   of   indebtedness   of   the
  redevelopment company theretofore accumulated in accordance with section
  one  hundred  seven of this article shall be charged against the special
  reserve account except to the extent  included  in  total  actual  final
  cost,  and any remaining cash surplus derived from earnings remaining in
  the treasury of the redevelopment company shall be transferred  to  such
  insurance  company  and  shall  be credited by it to the special reserve
  account provided for in this section applicable to such project.
    Except as specifically provided  herein  this  article  shall  not  be
  deemed  to limit or restrict any power or authority granted to insurance
  companies or to any other corporation or to any fiduciary by  any  other
  provision of law heretofore or hereafter enacted.