The board may acquire, own, hold, use, receive rents and issues from, dispose of and convey, real estate, subject to the following limitations, and for the following purposes:
(a) Such as shall have been mortgaged to it, or conveyed to trustees, as security for debts in its favor;
(b) Such as shall be conveyed to it in satisfaction of debts, or in partial payment of debts, previously contracted;
(c) Such as it has heretofore purchased, or shall hereafter purchase, at sales under judgments, decrees, trust deeds or mortgages in its favor, or shall purchase at private sale, to secure and effectuate the payment of debts due to it.
Any real estate acquired by the board under clauses (b) and (c) shall be disposed of by the board at the earliest practicable date, but the board shall have a reasonable discretion in the matter of the time to dispose of such property in order to prevent unnecessary losses; and such property, in the discretion of the board, may be sold either at public sale or at private sale and for cash or on such terms as the board may deem expedient.
(d) The board shall have full power and authority to extend the time for the payment of the principal or interest, or both principal and interest or any part thereof, of any interest- bearing securities in which the fund may have been invested prior to March fourth, one thousand nine hundred thirty-three, as in the discretion of the board it may deem proper and expedient.
(e) The board shall have full power and authority to make such adjustments, deductions, settlements and compromises as in its judgment may be deemed reasonably equitable and expedient under all circumstances with respect to any loans or investments made by it prior to the fourth day of March, one thousand nine hundred thirty-three. In the exercise of this power and authority, the board shall give preference to such loans and investments as are not represented by the securities of the United States, this state or any political subdivision of this state.
Note: WV Code updated with legislation passed through the 2012 1st Special Session