Section 140.981 - Land bank agency authorized, purpose - public body corporate and politic1. Any county with more than one million inhabitants may establish a land bank agency for the management, sale, transfer, and other disposition of interests in real estate owned by such land bank agency. Any such county may establish a land bank agency by ordinance, resolution, or rule, as applicable. Such ordinance, resolution, or rule shall specify the name of the land bank agency. No county in which a land bank agency has been established under the provisions of sections 141.980 to 141.1015 shall elect to establish a land bank agency under this section.2. Any municipality with more than one thousand five hundred inhabitants not located within a county with more than one million inhabitants may establish a land bank agency for the management, sale, transfer, and other disposition of interests in real estate owned by such land bank agency. A municipality may establish a land bank agency by ordinance, resolution, or rule, as applicable.3. A land bank agency shall not own any interest in real estate located wholly or partially outside the city that established the land bank.4. A land bank agency shall be established for the purpose of returning land, including land that is in a non-revenue-generating, non-tax-producing status, to use in private ownership, or for public use.5. A land bank agency created under the chapter 140 land bank act shall be a public body corporate and politic and shall have permanent and perpetual duration until terminated and dissolved in accordance with the provisions of section 140.1012.Amended by 2024 Mo. Laws, HB 2062,s A, eff. 8/28/2024.Added by 2019 Mo. Laws, HB 821,s A, eff. 8/28/2019.