2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 2 - (10 - 37) LIMITED-PROFIT HOUSING COMPANIES
31-A - Resale price of shares.

 
    § 31-a. Resale price of shares. Notwithstanding any other provision of
  this  article  and  subject to any regulation not inconsistent with this
  section which may be promulgated  by  the  commissioner  or  supervising
  agency:
    (a)  The  resale price of shares in a mutual company shall be fixed by
  the mutual company, subject to  the  approval  of  the  commissioner  or
  supervising  agency  and  shall  be  equal  to (1) the consideration the
  selling tenant-cooperator paid for  such  shares  and  (2)  any  capital
  assessments   and   voluntary  capital  contributions  approved  by  the
  commissioner  or  supervising   agency   and   paid   by   the   selling
  tenant-cooperator  to  the  mutual  company,  to  the extent not already
  included in the consideration paid for such shares, and, if  established
  by the mutual company, (3) a proportionate share of the actual aggregate
  amortization  paid on all existing and prior mortgages on the project in
  reduction of total outstanding principal indebtedness during such period
  as shall be fixed by the board of directors of the  mutual  company,  to
  the  extent  not  already  included  in  the consideration paid for such
  shares, and (4) reasonable administrative charges.
    (b) The aggregate amount to be paid to the  selling  tenant-cooperator
  with respect to the sale of the selling tenant-cooperator's shares shall
  be fixed by the board of directors of the mutual company, subject to the
  approval  of  the commissioner or supervising agency, and shall be equal
  to (1) the consideration the selling  tenant-cooperator  paid  for  such
  shares,  (2) any capital assessments and voluntary capital contributions
  approved by the commissioner or  supervising  agency  and  paid  by  the
  selling  tenant-cooperator  to  the  mutual  company,  to the extent not
  already included in the consideration paid for such shares,  and  (3)  a
  proportionate  share  of  the  actual aggregate amortization paid by the
  selling tenant-cooperator on all existing and  prior  mortgages  on  the
  project  in reduction of total outstanding principal indebtedness during
  such period as shall be fixed by the  board  of  directors  pursuant  to
  subdivision  (a)  of this section, to the extent not already included in
  the consideration paid for such shares. To the  extent  that  a  selling
  tenant-cooperator  may  be  entitled  to  an amount less than the resale
  price of his shares, the difference shall  be  retained  by  the  mutual
  company.
    (c)  The  board  of  directors  may,  subject  to  the approval of the
  commissioner or supervising agency, establish a general policy  pursuant
  to  which  a  selling  tenant-cooperator  who had occupied more than one
  dwelling unit is paid an amount measured by his proportionate  share  of
  the actual aggregate amortization paid during his period of occupancy on
  all  existing  or  prior  mortgages on the project. To the extent that a
  selling tenant-cooperator may be entitled to an amount greater than  the
  resale  price  of  shares,  the  difference  may  be paid to the selling
  tenant-cooperator by the mutual company.
    (d) The "proportionate share of the actual aggregate amortization paid
  on all existing and prior mortgages  on  the  project"  referred  to  in
  subdivision  (a)  of  this  section  shall  be in the same ratio to such
  actual aggregate amortization as  the  number  of  shares  held  by  the
  selling  tenant-cooperator at the time of sale bears to the total number
  of shares of issued and outstanding capital stock of the mutual  company
  during such period.
    (e) Nothing contained in this section shall prohibit the continued use
  of  any  method  of calculating resale price adopted by a mutual company
  and approved by the commissioner or  supervising  agency  prior  to  the
  effective date of this section.