17:19-12 - Construction period - New Jersey Statutes

17:19-12.  Construction period
    When an insurance company has invested its funds in real estate pursuant to  the authority granted by this article, it shall, within five years from the  date upon which it has acquired the real estate, sell and dispose of the same  unless within that period it has commenced the construction of one or more  apartments, tenements, or dwelling houses thereon pursuant to the plans and  specifications set forth in the project approved by the board of commissioners  or other governing body of the city wherein the real estate is located, in  accordance with the provisions of this article.  The commissioner may, in his  discretion, extend this period of five years for such further period as the  circumstances of the particular case seem to him to require.