2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 2 - (10 - 37) LIMITED-PROFIT HOUSING COMPANIES
36 - Sale of project prior to termination of tax exemption.

 
    §  36.  Sale  of  project  prior  to  termination of tax exemption. 1.
  Except as otherwise provided in this article and prior to the expiration
  of thirty-five years from the date of occupancy, a project, other than a
  project  aided  by  a  loan  made  after  May  first,  nineteen  hundred
  fifty-nine,  shall not be sold except to a company organized pursuant to
  the provisions of this article; prior to the expiration of twenty  years
  from  the  date  of  occupancy, a project aided by a loan made after May
  first, nineteen hundred fifty-nine,  shall  not  be  sold  except  to  a
  company  organized  pursuant  to  the provisions of this article.   Such
  successor  company  shall  acquire  such  project  subject  to  all  the
  provisions  of the loan and mortgage contract and the provisions of this
  article, and shall be entitled to all  the  benefits  provided  in  such
  contract  or  granted under this article, and a company so conveying all
  its projects may be dissolved with the consent of  the  commissioner  or
  the supervising agency, as the case may be.
    2.   In  the  event  of  any  sale  described  in  this  section,  the
  stockholders of the dissolving company shall in no  event  receive  more
  than the par value of their stock with accrued and unpaid dividends upon
  such stock.