N.Y. PVH Law § 27 — New York Code / Act PVH / Article 2 / Section 27
Limitations
Status: in_force

§ 27. Limitations. No company shall:\n  1. Acquire any real property or interest therein unless it shall first\nhave obtained from the commissioner or the supervising agency, as the\ncase may be, a certificate that such acquisition is necessary or\nconvenient for the public purpose defined in this article.\n  2. Pay interest upon its income debentures at a rate higher than six\nper centum per annum except as otherwise provided in this article.\n  3. Issue its stock, income debentures and bonds covering any project\nin an amount greater in the aggregate than the actual project cost.\n  4. Without first having obtained the written consent of the\ncommissioner or the supervising agency, as the case may be:\n  (a) Construct, reconstruct, rehabilitate, improve or alter any\nproject, or enter into any contract therefor.\n  (b) Sell, transfer or assign any real property, except that no such\nconsent shall be necessary in any sale in foreclosure as herein\nprovided.\n  (c) Except as otherwise provided in this article, encumber, lease or\nrent all or any part of its real property.\n  (d) Enter into contracts for the operation of the project.\n  (e) Make a guaranty of payment.\n  (f) Voluntarily dissolve.\n  (g) Enter into contracts for the payment of salaries to officers or\nemployees.\n  5. Pay interest on its mortgage indebtedness at a rate higher than six\nper centum per annum, or at such higher rates as may be approved by the\ncommissioner, or the supervising agency, as the case may be, but in no\nevent shall any such rate exceed the rate of interest prescribed by the\nsuperintendent of financial services pursuant to section fourteen-a of\nthe banking law or, in the case of a mortgage loan insured or held by\nthe federal government, the rate approved by the federal government;\nprovided, however, that in the case of a company carrying out a state\nurban development corporation project or in the case of an instrument or\ninstruments securing the residual indebtedness of a company, which\nindebtedness is secured by a mortgage on the real property of a project,\nsuch rate shall not exceed the rate of interest prescribed by the\nsuperintendent of financial services pursuant to section fourteen-a of\nthe banking law or nine per centum per annum, whichever is the higher;\nand further provided, however, that, in the case of a company that is a\nmortgagor under a mortgage assigned to or acquired by the New York city\nhousing development corporation pursuant to subdivision twenty-one of\nsection six hundred fifty-four of this chapter and whose project is\naided by a subsidy from the federal government, such rate shall be the\nrate of interest approved by the supervising agency. Notwithstanding the\nforegoing provisions of this section, the rate of interest that a\ncompany shall have the power to pay on that portion of its mortgage\nindebtedness attributable to an investment or participation in a loan\nmade pursuant to subdivision one of section fifteen by an organization\nor entity mentioned in such subdivision, shall be the rate of interest\napproved by the commissioner or the supervising agency, as the case may\nbe.\n  6. Notwithstanding the provisions of subdivision five of this section\ntwenty-seven, a company, which has obtained a mortgage loan from the New\nYork city housing development corporation or the New York state housing\nfinance agency and where it is necessary for additional bonds or notes\nto be issued by the New York city housing development corporation or the\nNew York state housing finance agency (i) in order to obtain funds to\nfulfill the mortgage loan commitment to such company, as such commitment\nmay be amended or (ii) to refund or renew notes issued in fulfillment\nthereof, for a project partially or temporarily financed by bonds or\nnotes issued, in the case of the New York city housing development\ncorporation, prior to the first day of August, nineteen hundred\nseventy-five, and in the case of the New York state housing finance\nagency, prior to the thirty-first day of December, nineteen hundred\nseventy-five , may pay interest on that portion of its mortgage\nindebtedness, the funds for which were obtained by the New York city\nhousing development corporation or the New York state housing finance\nagency through the issuance of such additional or refunding bonds or\nnotes, at a rate not in excess of the cost of financing incurred by the\nNew York city housing development corporation or the New York state\nhousing finance agency, as the case may be, to issue such additional or\nrefunding bonds or notes, provided that, with respect to the New York\ncity housing development corporation, such corporation determines that\nsuch cost of financing is reasonable and the commissioner or the\nsupervising agency, as the case may be, shall approve such cost of\nfinancing.\n