1. (a) The amount of real estate that a corporation incorporated under this chapter may purchase or own may not exceed:

   1. (1) one hundred sixty (160) acres; and
   2. (2) five hundred thousand dollars ($500,000) in value.

2. (b) A corporation incorporated under this chapter may sell any land that it possesses or may possess.

   [Pre-2008 Recodification Citations: subsection (a) formerly 15-1-2-6 part; subsection (b) formerly 15-1-2-10.]

As added by P.L.2-2008, SEC.5.