2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 5 - (100 - 128) REDEVELOPMENT COMPANIES
128 - Resale price of shares.

 
    §  128. 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 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  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 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  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 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
  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 supervising agency prior to the effective date of
  this section.