1935_public laws_457_23
CHAPTER 456 AN ACT TO DECLARE THE NECESSITY OF CREATING PUBLIC BODIES CORPORATE AND POLITIC TO BE KNOWN AS HOUSING AUTHORITIES TO ENGAGE IN SLUM CLEARANCE AND/OR PROJECTS TO PROVIDE DWELLING ACCOMMODATIONS FOR PERSONS OF LOW INCOME; TO PROVIDE FOR THE CREATION OF SUCH HOUSING AUTHORITIES; TO DEFINE THE POWERS AND DUTIES OF HOUSING AUTHORITIES AND TO PROVIDE FOR THE EXERCISE OF SUCH POWERS, INCLUDING ACQUIRING PROPERTY BY PURCHASE, GIFT OR EMINENT DOMAIN, AND IN- CLUDING BORROWING MONEY, ISSUING REVENUE AND CREDIT BONDS AND OTHER OBLIGATIONS, AND GIVING SECURITY THEREFOR; TO CONFER REMEDIES ON OBLIGEES OF HOUSING AUTHORI- TIES; TO PROVIDE THAT THE BONDS OF THE AU- THORITY SHALL BE LEGAL INVESTMENTS; TO PROVIDE THAT HOUSING AUTHORITIES, AND CER- TAIN PROPERTY AND SECURITIES THEREOF, SHALL BE TAX EXEMPT AND TO DECLARE THAT THIS ACT TAKE EFFECT FROM THE DATE OF ITS RATIFICATION. The General Assembly of North Carolina do enact:
Foreclosure Sale Subject to Agreement With Government. Notwithstanding anything in this Act to the contrary, any purchaser or purchasers at a sale of real or personal property of the authority whether pursuant to any foreclosure of a mortgage, pursuant to judicial process or otherwise, shall obtain title subject to any contract between the authority and a Government relating to the supervision by a Government of the operation and maintenance of such property and the construction of improvements thereon.