Legislation

Search OpenLegislation Statutes
This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 96
Voluntary dissolution
Private Housing Finance (PVH) CHAPTER 44-B, ARTICLE 4
§ 96. Voluntary dissolution. 1. Notwithstanding any provisions in
this article to the contrary, a housing company organized pursuant to
this article after April first, nineteen hundred sixty-two, may
voluntarily be dissolved, or in the case of a housing company which is a
trust, be terminated, without the consent of the commissioner, not less
than twenty years after the occupancy date upon the payment in full of
the remaining balance of principal and interest due and unpaid upon the
mortgage or mortgages and of any and all expenses incurred in
effectuating such voluntary dissolution or termination.

2. Upon such dissolution or termination, title to the project may be
conveyed in fee to the owner or owners of its capital or to any
corporation, partnership or trust designated by it or them for the
purpose, or the company may be reconstituted pursuant to appropriate
laws relating to the formation and conduct of corporations, partnerships
or trusts, provided, however, that prior to any such dissolution or
termination and conveyance or reconstitution payment shall be made of
all current operating expenses, taxes, indebtedness and all accrued
interest thereon and the par value of the shares or amount of the
capital of such company and accrued distributions in respect thereof.
If after making such payments and after conveyance of the project, a
surplus remains in the treasury of the housing company, such surplus
shall, upon dissolution or termination be distributed to the
shareholders, partners or beneficiaries, as their interests may appear.
After such dissolution or termination and conveyance, or such
reconstitution, the provisions of this article shall become and be
inapplicable to any such project and its owner or owners, and any tax
exemption granted with respect to such project pursuant to section
ninety-three hereof shall cease and terminate.