2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 2 - (10 - 37) LIMITED-PROFIT HOUSING COMPANIES
24 - Income debentures.

 
    §  24.  Income  debentures.  1.  With  the approval of the supervising
  agency or of the commissioner, as the case may be,  the  certificate  of
  incorporation,  or  an amended certificate may authorize the issuance of
  income debentures bearing no greater interest than six  per  centum  per
  annum   except   as  otherwise  provided  in  this  article.  After  the
  incorporation of a company, the directors thereof may, with the  consent
  of  two-thirds  of  the  holders  of  the  preferred  stock  issued  and
  outstanding offer to the stockholders of the company, the  privilege  of
  exchanging  their  stock  in such quantities and at such times as may be
  approved by the supervising agency or the commissioner, as the case  may
  be,  for  such income debentures. In no event, shall the amount of stock
  of the company be less than a per centum  of  the  total  of  stock  and
  income  debentures,  to  be  fixed  by  the supervising agency or by the
  commissioner, as the case may be.
    2. Such income debentures and any  instrument  under  which  they  are
  issued  may  contain  such  other  provisions,  including  provision for
  amortization by serial maturities, through the operation  of  a  sinking
  fund  or  otherwise,  as may be approved by the supervising agency or by
  the commissioner, as the case may be.