§ 86. Reduction of rentals in housing company projects. If in any calendar or fiscal year the gross receipts of any housing company should exceed the payments or charges specified in section eighty-five, the sums necessary to pay distributions or interest accrued or unpaid on any shares, income debentures or other capital, and the authorized […]
§ 87. Increase of rentals in housing company projects. Whenever it shall appear that the interests of lienholders, creditors, debenture holders, shareholders, partners or beneficiaries cannot otherwise be safeguarded, the commissioner shall, notwithstanding the limitation prescribed in this article upon maximum average rental, have power by his order made upon written application of a housing […]
§ 88. Surplus. The amount of net earnings transferable to surplus in any year after making or providing for the payments specified in items (a), (b) and (c) of subdivision one of section eighty-five of this article shall be subject to the approval of the commissioner. The amount of such surplus shall not exceed twelve […]
§ 89. Consolidated projects; operation of more than one project. The commissioner may permit the consolidation of two or more approved projects or the extension or amendment of any approved project or the consolidation of any approved project with a proposed project. In any of these events, the consolidated project shall be treated as an […]
§ 90. Purchase by housing companies. Before any housing company shall purchase the property of any other housing company, it shall file an application with the commissioner in the manner hereinbefore provided as for a new project and shall obtain the consent of the commissioner to the purchase and agree to be bound by the […]
§ 91. Proceedings against housing companies. 1. Whenever the commissioner shall be of the opinion that a housing company is failing or omitting, or is about to fail or omit to do anything required of it by law or by order of the commissioner or is doing or is about to do anything, or permitting […]
§ 92. Reorganization. 1. Reorganization of housing companies shall be subject to the supervision and control of the commissioner and no such reorganization shall be had without the authorization of the commissioner. 2. Upon all such reorganizations the capital structure of the housing company shall be subject to the approval of the commissioner in accordance […]
§ 93. Tax exemptions. 1. Any housing company shall be exempt from the payment of any and all franchise, organization, income, mortgage recording and other taxes to the state and all fees to the state or its officers. 2. Bonds and mortgages and the income debenture certificates of all housing companies are declared to be […]
§ 94. Foreclosure. 1. In any foreclosure action the commissioner, and the municipality if it has made a loan to the housing company, in addition to other necessary parties, shall be made parties defendant; and the commissioner and the municipality shall take all steps in such action necessary to protect the interest of the public […]
§ 95. Judgments against housing companies not relating to mortgage indebtedness. In the event of a judgment against a housing company in any action not pertaining to the collection of a mortgage indebtedness, there shall be no sale of any of the real property of such housing company except upon sixty days’ written notice to […]
§ 96. Voluntary dissolution. 1. Notwithstanding any provisions in this article to the contrary, a housing company organized pursuant to this article after April first, nineteen hundred sixty-two, may voluntarily be dissolved, or in the case of a housing company which is a trust, be terminated, without the consent of the commissioner, not less than […]
§ 97. Corporations in existence prior to enactment of article. Nothing in this article contained shall be deemed to require the reincorporation of any public limited dividend housing company or any private limited dividend housing company heretofore organized under the provisions of chapter eight hundred twenty-three of the laws of nineteen hundred twenty-six, entitled “state […]
