Capacity of legal persons to acquire assets

Perpetual associations and corporations of public utility may acquire immobile assets gratuitously; but they are liable to pay the tax on transfer or succession for every period of thirty years.

§ 1 - What is provided in the second part of the body of the article does not apply to immovable assets which are indispensable for the purposes of performance of the duties of the associations or corporations, which may be acquired for consideration.

§ 2 - For the purpose of this article, following associations or corporations shall be deemed as perpetual:- 1. Those which are created for unlimited period; 2. Corporations or associations, though of limited duration, which do not have pecuniary interests.