2023 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;