Section 278-A. Sale or exchange of certain real property or mortgage investments therein authorized

Trustees,  executors,  administrators,
  guardians,   committees,   conservators   and   all   other  persons  or
  corporations holding trust funds or  acting  in  a  fiduciary  capacity,
  corporations  and  private  bankers  organized  under  or subject to the
  provisions  of  the  banking  law,  the  superintendent  of   banks   as
  conservator,  liquidator  or  rehabilitator  of  any such corporation or
  private banker organized under and subject  to  the  provisions  of  the
  banking  law,  persons, partnerships and corporations organized under or
  subject to the provisions of the insurance law,  the  superintendent  of
  insurance  as  conservator,  liquidator  or  rehabilitator  of  any such
  person, partnership or corporation organized under  or  subject  to  the
  provisions  of  the  insurance  law who or which (1) own any property on
  which there is a building defined in the multiple dwelling law as an old
  law tenement or who or which hold a  mortgage  or  other  lien  on  such
  property, or
    (2) own any property, improved or unimproved, or any mortgage or other
  lien  thereon,  within  any  section of a municipality included in a map
  showing sections containing areas for clearance, replanning and low rent
  housing, adopted by the planning commission of  the  municipality  as  a
  whole or part of the master plan, or
    (3) own any property, improved or unimproved, or any mortgage or other
  lien  thereon,  within  any  section  of  a  municipality  which  may be
  designated by the planning commission or the housing  authority  of  the
  municipality  as  substandard  or  insanitary,  may  sell such property,
  mortgage or lien, and may, notwithstanding any other provision  of  law,
  receive and hold in exchange therefor securities issued by a corporation
  owning  or  acquiring  title to such property, if such corporation shall
  agree in writing at the time of  such  sale,  to  reconstruct,  improve,
  alter,  repair  or demolish such property or to construct a new building
  on such property, or on such property and  on  any  contiguous  property
  owned or to be acquired by such corporation.