Oklahoma § 36-2931 - Real estate transactions - Restrictions

§ 36-2931. Real estate transactions - Restrictions

A reciprocal insurer, as defined in Section 2902 of Title 36 of

the Oklahoma Statutes, may purchase, receive, own, hold, lease,

mortgage, pledge, or encumber, by deed of trust or otherwise,

manage, or sell real property in its own name for the purposes and

objects of such insurer, pursuant to the provisions of Section 1624

of Title 36 of the Oklahoma Statutes. Any contract, deed, lease,

mortgage, deed of trust, purchase or sale agreement, or any other

contract, document or instrument to be executed in the name of the

reciprocal insurer may be executed by the attorney-in-fact for the

insurer, as defined in Section 2906 of Title 36 of the Oklahoma

Statutes. This provision shall apply to any contract, deed, lease,

mortgage, deed of trust, purchase or sale agreement, or any other

contract, document or instrument made and entered into by any

reciprocal insurer on and after September 1, 1990.

A reciprocal insurer doing business in this state shall be

subject to the same restrictions pertaining to ownership of real

property and other real estate transactions that exist for

corporations pursuant to Section 2 of Article XXII of the Oklahoma

Constitution.

Added by Laws 1990, c. 3, § 1, emerg. eff. March 29, 1990.