HRS §53-28
Rules for issuing stock and bonds
This section says a redevelopment corporation can only issue stock, bonds, or income certificates if it actually gets money or property for its lawful purposes. If property is given, the agency must approve its value, and that value counts toward the cost.
developersreal estate agents
The statute, as written — Consideration for issuance of stocks and bonds
No redevelopment corporation shall issue stock, bonds, or income debenture certificates except for money or property actually received for the use and lawful purposes of the redevelopment corporation. No stock, bonds, or income debenture certificates shall be issued for property except upon a valuation approved by the redevelopment agency and the valuation shall be used in computing actual or estimated cost.
LawTrove is not legal advice. The summary above is a computer-generated restatement — the authoritative text is the official version linked above.