N.Y. Priv. Hous. Fin. Law § 355

Current through 2024 NY Law Chapter 457

Section 355 - Powers and limitations of a company

1. Except as is inconsistent with the provisions of this article, a company shall have, in carrying out the purpose of this article, the powers conferred on corporations by the not-for-profit corporation law and shall be subject to the limitations contained therein.

2. Companies shall have the following additional powers:

(a) To make and execute contracts and other instruments necessary or convenient in the exercise of its powers;

(b) To acquire or contract to acquire from any persons, firm, corporation, public corporation, municipality, federal or state agency, by grant, purchase, or otherwise, leaseholds, real, personal or mixed property or any interest therein, and to sell, assign, exchange, transfer, mortgage or encumber the same;

(c) To own, hold, clear and improve, leasehold, real, personal or mixed property or any interest therein;

(d) To issue non-interest bearing debentures up to an amount representing the difference, if any, between the amount of the mortgage made by the company and the estimated project cost; and in the event the final project cost shall exceed the estimated project cost, the difference between the amount of the mortgage made by the company and such final project cost;

(e) To construct, reconstruct, rehabilitate, improve, alter, repair, lease, manage or operate and otherwise provide community senior citizens services projects;

(f) To insure or provide for the insurance of its property or operations as required by law and also against such other risks as it may deem advisable;

(g) To limit by contract the exercise of any of its powers;

(h) To invest any funds held in reserves or sinking funds, or any funds not required for immediate disbursement in property or securities in which savings banks may legally invest funds subject to their control;

(i) To sue and be sued;

(j) To have a seal and alter the same at pleasure;

(k) To make and from time to time amend and repeal by-laws, rules and regulations not inconsistent with the provisions of this article;

(l) To enter into contracts with the New York state housing finance agency for mortgage loans and to pay all such fees and charges as may be imposed by such agency as a condition of such mortgage loan;

(m) To enter into contracts for the rendering of services;

(n) To receive assistance from the state, federal government, municipalities, or any person, firm or corporation by contract or otherwise; and to comply, subject to the provisions of this article, with the terms and conditions of such assistance;

(o) To do all other things necessary or convenient to carry out its powers.

3. No company shall:

(a) Acquire any real property or interest therein unless such company shall first have obtained from the commissioner a certificate that such acquisition is consistent with the purposes of this article;

(b) Issue notes, bonds, debentures, or other obligations in an aggregate amount greater than project cost;

(c) Without first having obtained the written consent of the commissioner;

(i) Construct, reconstruct, rehabilitate, improve, alter or repair any project, or enter into any contract for such purposes;

(ii) Sell, transfer, lease or encumber any real property, except that no such consent shall be necessary in any sale in foreclosure pursuant to section three hundred sixty-three;

(iii) Enter into any contracts relating to the management or operation of senior citizens services projects;

(iv) Enter into any contracts for the payment of any salary, fee or emolument to officers or employees;

(v) Make a guaranty of payment, or pledge any or all of its assets, income or revenues to secure payment of its obligations;

(vi) Lease a project or a portion thereof to a third party for the purposes of operation, such lease to be subject to all the terms, provisions and limitations of any mortgage loan made by the New York state housing finance agency relating to such project.

N.Y. Priv. Hous. Fin. Law § 355