There is a newer version of the North Carolina General Statutes
2005 North Carolina Code - General Statutes § 54-72. Restriction on holding real estate.
§ 54‑72. Restriction on holding real estate.
No land mortgage association shall acquire real estate (other than for the occupation of its offices) except to protect its interest in case any of the mortgages owned by it are foreclosed and the property therein described sold to pay the indebtedness secured thereby. All real estate so acquired shall be promptly sold. (1925, c. 223, s. 24.)
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