92.895. Authority's seal, powers. - Missouri Statutes

Authority's seal, powers.

92.895. 1. Such land reutilization authority shall be acontinuing body and shall have and adopt an official seal whichshall bear on its face the words "Land Reutilization Authority of....., Missouri", "Seal", and shall have the power to sue andissue deeds in its name, which deed shall be signed by thechairman or vice chairman, and attested by the secretary orassistant secretary and the official seal of the landreutilization authority affixed thereon, and shall have thegeneral power to administer its business as any other corporatebody.

2. The land reutilization authority may convey title to anyreal estate sold or conveyed by it by general or special warrantydeed, and may convey as absolute title in fee simple, without inany case procuring any consent, conveyance or other instrumentfrom the beneficiaries for which it acts; provided, however, thateach such deed shall recite whether the selling price representsa consideration equal to or in excess of two-thirds of theappraised value of such real estate so sold or conveyed, and ifsuch selling price represents a consideration less thantwo-thirds of the appraised value of the real estate, then theland reutilization commissioners shall first procure the consentthereto of not less than two of the three appointing authorities,which consent shall be evidenced by a copy of the action of eachsuch appointing authority duly certified to by its clerk orsecretary attached to and made a part of land reutilizationauthority commission official minutes. However, the landreutilization authority may retain a reversionary interest in anyreal estate conveyed by it for up to two years from the date ofconveyance.

(L. 1971 H.B. 472 § 38, A.L. 1984 H.B. 1500)