No housing project proposed by a limited dividend housing corporation incorporated under this chapter shall be undertaken, and no building or other construction shall be placed under contract or started, without the approval of the Department of Community Affairs. No housing project shall be approved by the department unless the corporation agrees to accept a designee of the department as a member of the board of directors of the corporation.

History.--s. 6, ch. 16028, 1933; CGL 1936 Supp. 4151(138); ss. 18, 35, ch. 69-106; s. 58, ch. 81-167; s. 61, ch. 83-55.