2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 2 - (10 - 37) LIMITED-PROFIT HOUSING COMPANIES
16 - Limited-profit housing companies; partnership relations.

 
    §   16.   Limited-profit  housing  companies;  partnership  relations.
  Notwithstanding any provisions in this  article  to  the  contrary,  but
  subject  to such regulations as may be prescribed by the commissioner or
  the supervising agency, as the case may be:
    1. (a) Any company  may  be  a  partner  (general  or  limited)  in  a
  partnership  (general  or  limited)  formed for the purpose of providing
  such company with capital. Any  company  incorporated  pursuant  to  the
  provisions  of this article may, with the consent of the commissioner or
  the supervising agency as the case may be, become a partner (general  or
  limited)  in  a partnership (general or limited) upon the consent of the
  company to the refinancing of its original mortgage loan by  a  mortgage
  loan  insured  by  the Federal government; such a partnership shall have
  the same powers and duties as provided by this article as a  partnership
  formed for the purpose of providing a company with capital.
    (b)  Any  partner  (general or limited) of any partnership (general or
  limited) in which a company is a partner (general or limited) may be the
  owner or holder of any shares, bonds, income debentures, notes or  other
  securities of such company.
    (c)  Any  company  which is a partner (general or limited) in any such
  partnership (general or limited) may exercise all the rights and  powers
  and  shall  be subject to all the duties and obligations of a company in
  accordance with this article.
    2. The capital structure of a company which is a partner  (general  or
  limited)  in  a  partnership  (general  or  limited)  formed pursuant to
  paragraph  (a)  of  subdivision  one  of  section  sixteen  may  include
  withdrawals from the capital of such a partnership (general or limited).
    The   provisions  of  this  article  relating  to  shares  and  income
  debentures shall be deemed to include withdrawals from the capital of  a
  partnership  (general  or  limited)  of  which  a  company  is a partner
  (general or limited).
    3. For the purposes of this section, the term partner shall be  deemed
  to  include  a  member  of  a  limited  liability  company, and the term
  partnership shall be deemed to  include  a  limited  liability  company,
  provided  there  is  disclosure  of the identity of the managing member,
  including the identity of the natural person who is responsible for  the
  housing  development.  Notwithstanding  any provision of this section to
  the contrary, any change in general partner of a partnership or managing
  member of a limited liability company shall be  subject  to  the  prior,
  written approval of the commissioner or supervising agency.