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  • SECTION 31-A
    Resale price of shares
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  • ARTICLE 2
    Limited-profit Housing Companies
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  • SECTION 31-C
    Tenant-cooperators; application of shares
    • 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.