NY Priv Hous Fin L § 28 (2021)
2021 New York Laws PVH - Private Housing Finance Article 2 - Limited-Profit Housing Companies 28 - Payments From Earnings.

§  28.  Payments from earnings. 1. There shall be paid annually out of   the earnings of the company, after providing for all taxes,  assessments   and  expenses,  a  sum  for interest on and amortization of the mortgage   indebtedness of all mortgages of the company, depreciation  charges  and   reserves if, when and to the extent deemed necessary by the commissioner   or  the  supervising  agency, as the case may be, plus a dividend of six   per centum on outstanding stock  and  interest  not  exceeding  six  per   centum  on  the  outstanding  income  debentures  of  the  company;  the   obligation in respect of such payments  shall  be  cumulative,  and  any   deficiency  in  interest,  amortization, depreciation, reserves, if any,   and dividends in any year shall be paid either  from  any  cash  surplus   derived from earnings remaining in the treasury of the company in excess   of  the  amount necessary to provide such cumulative annual sums or from   the first available earnings in subsequent years. If, at the end of  any   three  year  period,  the  gross  receipts should exceed the payments or   charges necessary for the purposes of the project or  projects  and  are   not  needed  for a sinking fund, reserves or other purposes, the balance   may be paid in further reduction of any indebtedness to the  extent  and   upon  terms  and  conditions  approved by the commissioner and the state   comptroller or by the supervising agency, as the case may be. A  sinking   fund may be authorized by the commissioner or the supervising agency, to   purchase  and retire bonds, income debentures or stock of the company at   a price approved by the commissioner or the supervising agency,  as  the   case  may  be,  not  exceeding  par value thereof with accrued or unpaid   dividends or interest or if it be not practical to purchase  such  stock   or  income  debentures at a price so approved, the money in such sinking   fund may be added to the surplus of such company. Any  stock  or  income   debentures  purchased  out  of  such sinking fund shall be cancelled and   shall not be reissued.2. Anything contained in this article to the contrary notwithstanding,   a company which receives a loan from  the  state,  the  New  York  state   housing  finance  agency  or  a  municipality after July first, nineteen   hundred sixty-nine, or a mutual company which has been  duly  authorized   to  issue  income debentures to finance the modernization or replacement   of project improvements or the acquisition and  installation  of  energy   saving equipment and which is otherwise authorized to pay dividends upon   its  shares  or  interest  upon  its  income  debentures,  may, with the   approval of the commissioner or the supervising agency as the  case  may   be,  pay  such  dividends  or  interest  in excess of six per centum per   annum, but in no event shall any such  rate  exceed  the  interest  rate   prescribed  by  the  superintendent  of  financial  services pursuant to   section fourteen-a of the banking law, provided, however, if the  voting   stock of a mutual company has not been issued and delivered to the stock   subscribers, then the additional authorization of such stock subscribers   is required to be obtained by a majority vote.3.  No  director  or  officer  of a company shall receive, directly or   indirectly, any salary, compensation or emolument from such company,  as   such  director or officer or in any other capacity, unless authorized by   the commissioner or the supervising agency, as the case may be.