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Assembly Bill A2362

2009-2010 Legislative Session

Extends from 20 to 50 years the time before which certain limited-profit housing companies may not voluntarily dissolve without consent

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Archive: Last Bill Status - In Assembly Committee

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Bill Amendments

2009-A2362 - Details

Current Committee:
Assembly Housing
Versions Introduced in 2011-2012 Legislative Session:
A2456

2009-A2362 - Summary

Extends from 20 to 50 years the time before which certain limited-profit housing companies may not voluntarily dissolve without consent of the commissioner or of the supervising agency.

2009-A2362 - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  2362

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            January 15, 2009
                               ___________

Introduced  by  M. of A. V. LOPEZ, BROOK-KRASNY, WRIGHT, SPANO -- Multi-
  Sponsored by -- M. of A. GLICK, GOTTFRIED, MILLMAN, ROSENTHAL,  WALKER
  -- read once and referred to the Committee on Housing

AN  ACT  to amend the private housing finance law, in relation to volun-
  tary dissolution of limited-profit housing companies

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1. Subdivision 2 of section 35 of the private housing finance
law, as amended by chapter 229 of the laws of 1989, is amended  to  read
as follows:
  2.  A  company  aided by a loan made after May first, nineteen hundred
fifty-nine, may voluntarily be dissolved, without  the  consent  of  the
commissioner  or of the supervising agency, as the case may be, not less
than [twenty] FIFTY years after the occupancy date upon the  payment  in
full  of  the remaining balance of principal and interest due and unpaid
upon the mortgage or mortgages and of any and all expenses  incurred  in
effecting such voluntary dissolution.
  S 2. This act shall take effect immediately.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05736-01-9

co-Sponsors

multi-Sponsors

2009-A2362A (ACTIVE) - Details

Current Committee:
Assembly Housing
Versions Introduced in 2011-2012 Legislative Session:
A2456

2009-A2362A (ACTIVE) - Summary

Extends from 20 to 50 years the time before which certain limited-profit housing companies may not voluntarily dissolve without consent of the commissioner or of the supervising agency.

2009-A2362A (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 2362--A
                                                         Cal. No. 94

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            January 15, 2009
                               ___________

Introduced  by  M. of A. V. LOPEZ, BROOK-KRASNY, WRIGHT, SPANO, ROBINSON
  -- Multi-Sponsored by -- M. of A. GLICK,  GOTTFRIED,  MILLMAN,  ROSEN-
  THAL,  WALKER -- read once and referred to the Committee on Housing --
  reported from committee, advanced to  a  third  reading,  amended  and
  ordered reprinted, retaining its place on the order of third reading

AN  ACT  to amend the private housing finance law, in relation to volun-
  tary dissolution of limited-profit housing companies

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1. Subdivision 2 of section 35 of the private housing finance
law, as amended by chapter 229 of the laws of 1989, is amended  to  read
as follows:
  2.  A  company  aided by a loan made after May first, nineteen hundred
fifty-nine, may voluntarily be dissolved, without  the  consent  of  the
commissioner  or of the supervising agency, as the case may be, not less
than [twenty] FIFTY years after the occupancy date upon the  payment  in
full  of  the remaining balance of principal and interest due and unpaid
upon the mortgage or mortgages and of any and all expenses  incurred  in
effecting such voluntary dissolution.
  S  2.  This act shall take effect immediately; provided, however, that
the provisions of this act shall not apply to any mutual housing company
which, prior to the date that this act  becomes  law,  has  secured  the
approval  of its shareholders by a vote which complies with all applica-
ble state and local laws, rules and regulations to submit to the  office
of  the  Attorney General of the State of New York a private cooperative
offering plan for the housing project.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05736-02-9

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