2012 New York Consolidated Laws
PVH - Private Housing Finance
Article 4 - (70 - 97) LIMITED DIVIDEND HOUSING COMPANIES
96 - Voluntary dissolution.

 
    §  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.