Legislation
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.
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.