reglab/housing_qa huggingface dataset:
NY Priv Hous Fin L § 301 (2021)
2021 New York Laws PVH - Private Housing Finance Article 7 - Mortgage Facilities Corporation 301 - Policy of State and Purpose of Article.

§  301.  Policy of state and purpose of article. It is recognized that   there exist in New York state certain neighborhoods, which,  because  of   heavy  in-migrations  and  other  factors,  have  been  characterized by   over-crowding  of  population,   extensive   absentee   ownership,   and   concentrated occupancy particularly by racial minorities. Because of the   special  appraisal  and  servicing  problems  peculiar to such areas the   supply of available mortgage money in these areas is insufficient. It is   the declared policy of the state that a medium be established, owned and   financed entirely through private enterprise institutions, through which   the mortgage money necessary  to  re-establish  these  neighborhoods  as   sound  communities  would  be  made  available  on a sound profit-making   basis.
NY Priv Hous Fin L § 302 (2021)
2021 New York Laws PVH - Private Housing Finance Article 7 - Mortgage Facilities Corporation 302 - Definitions.

§  302.  Definitions.  1. The term "housing accommodation," as used in   this article, shall mean any building or  structure  which  is  used  or   occupied,  or  is  intended to be used or occupied, wholly or partly, as   the home or residence of one or more human beings.2. The term "improved real property," as used in this  article,  shall   include real property upon which a housing accommodation is to be built,   in  whole  or  in  part,  out  of  the  proceeds of the loan, which when   completed will constitute a permanent improvement.3. The terms "encumbered" and "unencumbered," as used in this article,   shall have the same meaning as in paragraph six  of  subsection  (a)  of   section one thousand four hundred four of the insurance law.
NY Priv Hous Fin L § 303 (2021)
2021 New York Laws PVH - Private Housing Finance Article 7 - Mortgage Facilities Corporation 303 - Establishment of Corporation.

§  303.  Establishment  of  corporation.  There  is  hereby  created a   corporation  which  shall  be  known   as   "The   Mortgage   Facilities   Corporation."  The  principal  office of the corporation shall be in the   borough of Manhattan in the county of New York. Within  ten  days  after   such  office  is  established  and, within ten days after the removal of   such office, the corporation shall notify the secretary of state of  the   street  address  in  such borough where its principal office is located,   and the secretary of state shall note such  address  upon  his  records.   Except  as  otherwise provided in this article, the corporation shall be   possessed of all the powers, privileges and immunities which now are  or   hereafter  may  be  conferred  on corporations with capital stock by the   stock corporation law and the general corporation law  or  the  business   corporation  law  and  for  such  purposes  shall be deemed to have been   organized under the provisions of said laws. Process in  any  action  or   proceeding  against  the corporation may be served upon the secretary of   state, as the agent of the corporation for such purposes.  Such  process   shall be served in the manner prescribed in section three hundred six of   the  business corporation law for service against a domestic business or   transportation corporation, accompanied by the fee for such  service  as   prescribed  therein  and the secretary of state shall forthwith send one   of the copies served upon  him  to  the  corporation  at  its  principal   office.  If  such  corporation fails to commence business by June first,   nineteen hundred fifty-seven, its  existence  shall  terminate  and  the   provisions  of this article shall become null and void. For the purposes   of this section only the corporation shall be deemed to  have  commenced   business  when  two and one-half per centum of the capital stock thereof   shall have been paid into  the  treasury  and  ten  members  shall  have   qualified  as hereinafter provided.  Once having commenced business, the   duration of the corporation shall be perpetual.
NY Priv Hous Fin L § 305 (2021)
2021 New York Laws PVH - Private Housing Finance Article 7 - Mortgage Facilities Corporation 305 - Board of Directors.

§  305.  Board  of  directors.  1.  All  the  corporate powers of such   corporation shall be exercised by a board  of  directors  consisting  of   thirteen  persons,  all  of  whom  shall be of full age, citizens of the   United States and at least seven of  whom  shall  be  residents  of  the   state.2.  At the first annual meeting of such corporation and at each annual   meeting thereafter the members shall elect ten directors whose  term  of   office shall be one year.Each  of  the  members entitled to vote for directors pursuant to this   subdivision two of section three hundred five of this article  shall  be   entitled  to  one  vote  for each twenty-five thousand dollars, or major   fraction thereof, it is subject to be called  upon  to  advance  to  the   corporation pursuant to the provisions of section three hundred seven of   this article.3.  At  such  first and succeeding annual meetings the stockholders of   such corporation shall elect three additional directors for terms of one   year each.4. If any director shall lose his citizenship, or shall cease to be  a   resident  of  the  state,  thereby  creating  a vacancy, or if a vacancy   occurs in the membership  of  the  board  of  directors  through  death,   resignation  or  otherwise, the remaining directors shall elect a person   to fill such vacancy for the unexpired term.5. The board of directors shall elect one of its members  as  chairman   of such board, shall adopt by-laws for such corporation, and may appoint   such officers and employees as it deems advisable.6.  In  addition to other matters, the by-laws of such corporation may   contain specific standards and criteria by which  mortgage  applications   will  be  judged and loans made in so far as such specific standards and   criteria are not  inconsistent  with  any  of  the  provisions  of  this   article.
NY Priv Hous Fin L § 306 (2021)
2021 New York Laws PVH - Private Housing Finance Article 7 - Mortgage Facilities Corporation 306 - Temporary Board of Directors.

§  306.  Temporary  board of directors. 1. The first annual meeting of   such corporation shall be held at a time and place to be  fixed  by  the   temporary  board  of  directors  which  shall  be  as soon as reasonably   possible after a minimum of two and one-half per centum of  the  capital   stock  of  such corporation shall have been paid into its treasury and a   minimum of ten members of  such  corporation  shall  have  qualified  as   hereinafter provided, and such meeting shall be called in such manner as   may be provided by the temporary board of directors.2. Notwithstanding the foregoing provisions of this section, until the   first   annual   meeting  of  such  corporation  and  the  election  and   qualifications of a board of directors as hereinabove provided, all  the   corporate  powers  of such corporation shall be exercised by a temporary   board of directors consisting of thirteen persons, all of whom shall  be   of  full age, citizens of the United States and residents of this state,   and who shall be designated by the governor. Such designation  shall  be   in  writing,  signed by the officer making it, and transmitted by him to   the secretary of state who shall make and record in his office a copy of   such designation and deliver the original to the designee,  who,  if  he   accepts  such  designation,  shall notify the secretary of state of such   fact, in writing, and thereupon his designation shall  become  effective   and  the  secretary of state shall record such acceptance in his office.   If any vacancy occurs in  such  temporary  board  of  directors  through   death,  resignation  or  otherwise, a person shall be designated to fill   such vacancy by the governor.  Upon the election and qualification of  a   board  of  directors  pursuant  to  section  three  hundred five of this   article, the temporary board of directors shall be deemed dissolved.3. As  soon  as  possible  after  the  designation  of  the  directors   comprising the temporary board has become effective, the temporary board   of  directors  shall meet, elect a chairman, cause stock certificates to   be printed, appoint temporary officers and seek to enlist  the  support,   membership and stock subscription of institutional lenders.
NY Priv Hous Fin L § 308 (2021)
2021 New York Laws PVH - Private Housing Finance Article 7 - Mortgage Facilities Corporation 308 - Capital and Shares.

§  308.  Capital  and  shares.  The  total  number of shares which the   corporation may issue is forty thousand,  all  without  par  value.  The   consideration for which such shares may be issued is one hundred dollars   per  share  in  cash.  The  capital of the corporation shall be at least   equal to the consideration received by the corporation from the issuance   of its shares plus such amounts as, from time to time, by resolution  of   the  board  of  directors  may  be transferred thereto. At least two and   one-half per centum of the authorized shares shall be  issued  and  paid   for  before the corporation shall be authorized to transact any business   other than such as relates to its organization.
NY Priv Hous Fin L § 309 (2021)
2021 New York Laws PVH - Private Housing Finance Article 7 - Mortgage Facilities Corporation 309 - Obligations.

§  309.  Obligations.  At  no time shall the total obligations of such   corporation exceed twenty-five million dollars.
NY Priv Hous Fin L § 310 (2021)
2021 New York Laws PVH - Private Housing Finance Article 7 - Mortgage Facilities Corporation 310 - Restrictions.

§  310.  Restrictions.  Such  corporation shall not deposit any of its   funds in any banking organization unless such banking  organization  has   been  designated as a depository by a vote of the majority of all of the   directors of such corporation, exclusive  of  any  director  who  is  an   officer  or  director  of the depository so designated. Such corporation   shall not make any loans other than those set  forth  in  section  three   hundred  four  hereof,  and  in  no event shall the corporation make any   loans, directly or indirectly, to any of its officers or to any firms in   which any of its officers is an officer, director or  stockholder.  Such   corporation shall not receive money on deposit except that money held in   escrow  pursuant  to  the provisions of subdivision three (c) (vii) B of   section three hundred four hereof, or otherwise, shall not be deemed  to   be the receipt of money on deposit.
NY Priv Hous Fin L § 311 (2021)
2021 New York Laws PVH - Private Housing Finance Article 7 - Mortgage Facilities Corporation 311 - Examination.

§   311.  Examination.  At  least  once  in  each  calendar  year  the   corporation  shall  be  examined  by  the  superintendent  of  financial   services  for the purpose of determining the corporation's net worth and   the soundness of its management and operating policies. The  corporation   shall not, however, be deemed to be a banking or insurance organization.   The  corporation  shall pay the cost of each such examination. Copies of   each  examination  report,  including  the  findings,  conclusions   and   recommendations of the examiners, shall be furnished to the corporation.   The  corporation  shall  furnish  copies  of  each report, including the   findings, conclusions and recommendations of the examiners, to  each  of   the  holders  of  its capital stock and to its members. Such corporation   shall  make  an  annual  report  of  its  condition  to  the   governor,   legislature  and  superintendent  of  financial  services  on  or before   January first of each year.
NY Priv Hous Fin L § 312 (2021)
2021 New York Laws PVH - Private Housing Finance Article 7 - Mortgage Facilities Corporation 312 - Unissued Securities and Reorganization.

§  312.  Unissued  securities  and  reorganization.  1. The holders of   capital  stock  of  such  corporation  shall  not,  as  such,  have  any   pre-emptive  or preferential right to purchase or subscribe for any part   of the unissued or new issue  of  capital  stock  of  such  corporation,   whether  now  or  hereafter  authorized  or  issued,  or  to purchase or   subscribe for any bonds or other obligations, whether or not convertible   into stock of such corporation, now or hereafter authorized or issued.2. Whenever a compromise or arrangement or any plan of  reorganization   of  such  corporation  is  proposed  between  such  corporation  and its   creditors, members or stockholders, the supreme court, by virtue of  its   general  equity powers, may on application of such corporation or of any   creditor, member or stockholder thereof, or on the  application  of  any   receiver or receivers appointed for such corporation, order a meeting of   such  creditors,  members or stockholders, as the case may be, as may be   affected  by  the  proposed  compromise  or  arrangement  or   plan   of   reorganization,  which  shall be called in such manner as the said court   directs. If, at such meeting, such compromise or arrangement or plan  of   reorganization  is  agreed  to  by  or  on  behalf  of the creditors, if   affected thereby, holding two-thirds in amount  of  the  claims  against   such  corporation,  and by or on behalf of the stockholders, if affected   thereby, holding the majority of capital stock, and by or on  behalf  of   the  members,  if  affected thereby, holding two-thirds in amount of the   outstanding  notes  or  other  interest-bearing  obligations   of   such   corporation  as  provided  for  in  section  three hundred seven of this   article, and if such agreement shall be further evidenced by the written   acceptance of said creditors, stockholders and members,  duly  filed  in   the said court, such compromise or arrangement or plan of reorganization   shall,  if  approved by the said court as just and equitable, be binding   on all creditors, stockholders or members, as the case may be,  who  are   affected  thereby,  and also on such corporation. All persons who become   creditors, stockholders or members of such corporation shall  be  deemed   to  have  become  creditors,  stockholders  or  members  subject  in all   respects to this section, and the same shall be absolutely binding  upon   them.  For  the  purposes of this subdivision only, members shall not be   deemed to be creditors  and  shall  act  under  this  subdivision  as  a   separate class.
NY Priv Hous Fin L § 313 (2021)
2021 New York Laws PVH - Private Housing Finance Article 7 - Mortgage Facilities Corporation 313 - Participation.

§  313.  Participation.  Notwithstanding any rule at common law or any   provision of any general or  special  law  or  any  provision  in  their   respective charters, agreements of association, articles of organization   or certificates of incorporation:1.  All  banking  organizations,  insurance  and  surety companies are   hereby authorized to become members of the  corporation  established  by   this article and to make loans to such corporation as provided herein;2.  A  banking  organization  which  does  not  become a member of the   corporation established by this article shall not acquire any shares  of   the capital stock of such corporation;3.  Each  banking  organization,  insurance  and  surety company which   becomes a member of the  corporation  established  by  this  article  is   hereby  authorized  to  acquire, purchase, hold, sell, assign, transfer,   mortgage, pledge, or otherwise dispose of any bonds, securities or other   evidences of indebtedness issued by such corporation or  the  shares  of   its  capital  stock, and while owners of said stock, to exercise all the   rights, powers and privileges of ownership, including the right to  vote   thereon,  all  without  the approval of any regulatory authority of this   state; provided, however, that the amount of the capital stock  of  such   corporation  which  may  be  acquired  by  any  member  pursuant  to the   authority granted herein, shall not exceed ten per centum  of  the  loan   limit  of  such member as defined by section three hundred seven of this   article. The amount of capital  stock  of  such  corporation  which  any   member is authorized to acquire pursuant to the authority granted herein   shall  be  in  addition  to  the amount of capital stock in corporations   which such member may otherwise be authorized to acquire.
NY Priv Hous Fin L § 350 (2021)
2021 New York Laws PVH - Private Housing Finance Article 7-A - Community Senior Citizens Centers and Services Companies 350 - Short Title.

§  350.  Short title. This article shall be known and may be cited and   referred to as the  "community  senior  citizens  centers  and  services   companies law."
NY Priv Hous Fin L § 351 (2021)
2021 New York Laws PVH - Private Housing Finance Article 7-A - Community Senior Citizens Centers and Services Companies 351 - Policy and Purposes of Article.

§  351. Policy and purposes of article. It is hereby declared that the   provision of new and improved community senior  citizens  facilities  is   necessary  to  care for the increasing number of persons who are in need   of programs and services  for  the  aging.  Such  facilities  should  be   located  close  to  the  people  they  serve  and  should supplement the   programs and services provided for such persons by the  office  for  the   aging pursuant to title one of article two of the elder law.It  is  hereby further declared that non-profit corporations should be   created  to  construct,  acquire,  reconstruct,  rehabilitate,  own  and   operate  such  facilities and that provision should be made for mortgage   loan participation by the New York state housing finance agency in order   to ensure that the full resources of the private  enterprise  sector  of   the economy may be made available for this purpose; that there is a need   for  public  assistance  to  such  corporations  by  the granting of tax   exemption; that it is the policy of the state to promote  the  provision   of  senior citizens facilities by such non-profit corporations; and that   such provision is a public use and purpose.
NY Priv Hous Fin L § 353 (2021)
2021 New York Laws PVH - Private Housing Finance Article 7-A - Community Senior Citizens Centers and Services Companies 353 - Companies; How Created.

§  353.  Companies; how created. Notwithstanding the provisions of any   other  law  or  requirement  to  the  contrary,   companies   shall   be   incorporated  and  organized  pursuant to the not-for-profit corporation   law and this article.In addition  to  those  matters  required  to  be  set  forth  in  the   certificate  of incorporation by the not-for-profit corporation law, the   certificate shall state:1. That, among the purposes for which it is formed, the company is  to   plan,  construct,  acquire,  alter,  reconstruct, rehabilitate, improve,   own, maintain and operate one or more projects pursuant to this article.2. The number of directors, which shall be not  less  than  three  nor   more  than  fifteen.  Directors  shall  be elected by the members of the   company.  One additional director may be designated by the commissioner.   In the absence of fraud or bad  faith  the  director  appointed  by  the   commissioner  shall  not be personally liable for the debts, obligations   or liabilities of the company.3.  That  the  real  property  of  the  company  shall  not  be  sold,   transferred,   encumbered   or  assigned  except  as  permitted  by  the   provisions of this article.4. That the company has been organized exclusively to serve  a  public   purpose  and  that it shall be and remain subject to the supervision and   control of the department pursuant to the provisions of this article and   all applicable laws and regulations.5. That  all  income  and  earnings  of  the  company  shall  be  used   exclusively for its corporate purposes.6. That no part of the net income or net earnings of the company shall   inure  to  the  benefit  or  profit  of  any private individual, firm or   corporation.
NY Priv Hous Fin L § 354 (2021)
2021 New York Laws PVH - Private Housing Finance Article 7-A - Community Senior Citizens Centers and Services Companies 354 - Consent of Commissioner.

§ 354. Consent of commissioner. Whenever any such certificate shall be   presented  to the secretary of state, he shall not file such certificate   unless there shall accompany the same a certificate of the  commissioner   stating  that  he  consents to the filing of such certificate; nor shall   any amendment to the certificate of incorporation be filed unles  it  is   accompanied by a certificate of the commissioner consenting thereto.
NY Priv Hous Fin L § 356 (2021)
2021 New York Laws PVH - Private Housing Finance Article 7-A - Community Senior Citizens Centers and Services Companies 356 - Members; Officers and Directors.

§  356.  Members;  officers  and directors. No member or director of a   company shall receive any salary or other compensation for  services  as   such  member  or  director,  other  than  reimbursement  of  actual  and   necessary expenses incurred in the performance of his duties. No member,   officer, or employee of a company shall acquire any interest, direct  or   indirect,  in  any property then or thereafter included or planned to be   included in a project, nor retain any interest, direct  or  indirect  in   any  property acquired subsequent to his appointment or employment which   is later included or planned to be included in a project. If any member,   officer or employee of any company owns or controls an interest,  direct   or  indirect,  in any property included in a project, which was acquired   prior to his appointment or employment, he shall disclose such  interest   and  the  date of acquisition thereof in writing to the company and such   disclosure shall be entered upon the minutes of the company.