300 – Short Title.

§ 300. Short title. This article shall be known and may be cited and referred to as the “mortgage facilities corporation law”.

301 – Policy of State and Purpose of Article.

§ 301. Policy of state and purpose of article. It is recognized that there exist in New York state certain neighborhoods, which, because of heavy in-migrations and other factors, have been characterized by over-crowding of population, extensive absentee ownership, and concentrated occupancy particularly by racial minorities. Because of the special appraisal and servicing problems peculiar […]

302 – Definitions.

§ 302. Definitions. 1. The term “housing accommodation,” as used in this article, shall mean any building or structure which is used or occupied, or is intended to be used or occupied, wholly or partly, as the home or residence of one or more human beings. 2. The term “improved real property,” as used in […]

303 – Establishment of Corporation.

§ 303. Establishment of corporation. There is hereby created a corporation which shall be known as “The Mortgage Facilities Corporation.” The principal office of the corporation shall be in the borough of Manhattan in the county of New York. Within ten days after such office is established and, within ten days after the removal of […]

304 – Purposes, Powers and Operation.

§ 304. Purposes, powers and operation. 1. The purpose of the corporation shall be to assist, promote, encourage and stimulate the development and rehabilitation of blighted areas by rendering financial assistance in the construction, rehabilitation or purchase of housing accommodations in blighted or deteriorating urban areas in this state by making first mortgage loans in […]

305 – Board of Directors.

§ 305. Board of directors. 1. All the corporate powers of such corporation shall be exercised by a board of directors consisting of thirteen persons, all of whom shall be of full age, citizens of the United States and at least seven of whom shall be residents of the state. 2. At the first annual […]

306 – Temporary Board of Directors.

§ 306. Temporary board of directors. 1. The first annual meeting of such corporation shall be held at a time and place to be fixed by the temporary board of directors which shall be as soon as reasonably possible after a minimum of two and one-half per centum of the capital stock of such corporation […]

307 – Membership.

§ 307. Membership. 1. The members of such corporation shall consist of such banking organizations, insurance and surety companies, as may make application for membership in such corporation, and membership shall become effective upon the acceptance of such applications by the temporary board of directors or the permanent board of directors, as the case may […]

308 – Capital and Shares.

§ 308. Capital and shares. The total number of shares which the corporation may issue is forty thousand, all without par value. The consideration for which such shares may be issued is one hundred dollars per share in cash. The capital of the corporation shall be at least equal to the consideration received by the […]

309 – Obligations.

§ 309. Obligations. At no time shall the total obligations of such corporation exceed twenty-five million dollars.

310 – Restrictions.

§ 310. Restrictions. Such corporation shall not deposit any of its funds in any banking organization unless such banking organization has been designated as a depository by a vote of the majority of all of the directors of such corporation, exclusive of any director who is an officer or director of the depository so designated. […]

311 – Examination.

§ 311. Examination. At least once in each calendar year the corporation shall be examined by the superintendent of financial services for the purpose of determining the corporation’s net worth and the soundness of its management and operating policies. The corporation shall not, however, be deemed to be a banking or insurance organization. The corporation […]

312 – Unissued Securities and Reorganization.

§ 312. Unissued securities and reorganization. 1. The holders of capital stock of such corporation shall not, as such, have any pre-emptive or preferential right to purchase or subscribe for any part of the unissued or new issue of capital stock of such corporation, whether now or hereafter authorized or issued, or to purchase or […]

313 – Participation.

§ 313. Participation. Notwithstanding any rule at common law or any provision of any general or special law or any provision in their respective charters, agreements of association, articles of organization or certificates of incorporation: 1. All banking organizations, insurance and surety companies are hereby authorized to become members of the corporation established by this […]