2023 New York Laws › PVH - Private Housing Finance › Article 5 - Redevelopment Companies › 128 - Resale Price of Shares.

§  128. 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 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  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 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  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 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
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 supervising agency prior to the effective date of
this section.