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This entry was published on 2014-09-22
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SECTION 86
Reduction of rentals in housing company projects
Private Housing Finance (PVH) CHAPTER 44-B, ARTICLE 4
§ 86. Reduction of rentals in housing company projects. If in any
calendar or fiscal year the gross receipts of any housing company should
exceed the payments or charges specified in section eighty-five, the
sums necessary to pay distributions or interest accrued or unpaid on any
shares, income debentures or other capital, and the authorized transfer
to surplus, the balance shall, unless the board of directors, the
partners or the trustees, as the case may be, with the approval of the
commissioner shall deem such balance too small for the purpose, be
applied to the reduction of rentals, for such year or years as the
commissioner may specify, or to the further reduction of any mortgage
indebtedness, or both, as the commissioner may determine.