NY Priv Hous Fin L § 31-A (2021)
2021 New York Laws PVH - Private Housing Finance Article 2 - 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.  (f)   a   mutual   company   shall   provide,   upon   request   of  a tenant-cooperator, a written statement providing the  current  value  of such tenant-cooperator's shares and equity in such mutual company;