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This entry was published on 2014-09-22
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SECTION 76
Limited return on capital and debentures
Private Housing Finance (PVH) CHAPTER 44-B, ARTICLE 4
§ 76. Limited return on capital and debentures. No shareholder,
partner or beneficiary of a trust having an interest vested in
possession in any housing company formed hereunder shall receive any
distribution on capital in any one year in excess of six per centum per
annum except that when in any preceding year distributions in the amount
prescribed in the certificate shall not have been paid on the said
capital, the shareholders, partners or beneficiaries, as the case may
be, may be paid such deficiency without interest out of any surplus
earned in any succeeding years. This provision shall likewise be
applicable to income debenture certificates and interest thereon at the
rate specified in such certificates shall be cumulative.