§ 278. Exchange of mortgage investment. Trustees, executors,
administrators, guardians, committees, conservators, receivers, the town
treasurer of any town and other persons and corporations holding trust
funds, corporations and private bankers organized under or subject to
the provisions of the banking law, the superintendent of financial
services as conservator, liquidator or rehabilitator of any such
corporation or private banker organized under and subject to the
provisions of the banking law, persons, partnerships, and corporations
organized under or subject to the provisions of the insurance law, the
superintendent of financial services as conservator, liquidator or
rehabilitator of any such person, partnership or corporation organized
under or subject to the provisions of the insurance law, and other
domestic corporations, that shall have made or shall hold an investment,
whether with or without a specified ratio of real property security, in
a bond secured by mortgage on real property or share or part thereof,
whether guaranteed or not, may, at any time without an order of the
court or other authority, exchange, prior or subsequent to maturity,
such bond and mortgage or share or part thereof and any rights in
respect thereto, for bonds of Home Owners' Loan Corporation, a
corporation created under home owners' loan act of nineteen hundred and
thirty-three, and may hold such bonds of Home Owners' Loan Corporation
as authorized and lawful investments for any and all purposes,
notwithstanding the provisions of any general or special law of this
state inconsistent with the provisions of this section.