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A08358 Summary:

Amd S35, Priv Hous Fin L
Relates to the permitted voluntary dissolution of a mutual company.
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A08358 Text:

                STATE OF NEW YORK
                   IN ASSEMBLY
                                     January 9, 2014
        Introduced  by  M.  of  A.  ROSENTHAL  --  read once and referred to the
          Committee on Housing
        AN ACT to amend the private housing finance law, in relation to when the
          voluntary dissolution of a mutual company shall be permitted
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1. Subdivision 2 of section 35 of the private housing finance
     2  law, as amended by chapter 229 of the laws of 1989, is amended  to  read
     3  as follows:
     4    2.  A company, other than a mutual company, aided by a loan made after
     5  May first, nineteen hundred fifty-nine, may  voluntarily  be  dissolved,
     6  without the consent of the commissioner or of the supervising agency, as
     7  the  case  may  be,  not less than twenty years after the occupancy date
     8  upon the payment in full of  the  remaining  balance  of  principal  and
     9  interest  due  and  unpaid upon the mortgage or mortgages and of any and
    10  all expenses incurred in effecting such voluntary dissolution.   In  the
    11  case  of a mutual company aided by a loan made after May first, nineteen
    12  hundred fifty-nine, voluntary dissolution without  the  consent  of  the

    13  commissioner  or  of  the supervising agency is permitted only after its
    14  municipal tax exemption, and any grant of an  extension  thereof,  shall
    15  have expired.
    16    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
        A                                                          LBD13256-01-3
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