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This entry was published on 2014-09-22
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SECTION 31-B
Assignment or pledge of tenant cooperator's shares
Private Housing Finance (PVH) CHAPTER 44-B, ARTICLE 2
§ 31-b. Assignment or pledge of tenant cooperator's shares.
Notwithstanding any other provision of law, a tenant cooperator's shares
in a mutual company may be assigned or pledged as collateral for the
purpose of securing a loan for the purchase of such shares. The
commissioner or supervising agency, as the case may be, shall promulgate
regulations which provide that in the event of a default of such loan,
such shares may be resold, and the dwelling accommodations represented
by such shares may be occupied, only in accordance with the provisions
of this article.