* § 71. Sale or lease of projects to limited dividend corporations. 1.\nA public limited dividend corporation may lease or purchase a project or\na part thereof from an authority. The lease or sale shall be upon such\nterms including limitation of rentals, regulation of occupancy,\nrecapture by the authority or by the municipality, as may be agreed upon\nbetween the corporation and the authority and approved by the board. A\nmunicipality, subject to the right of any government or the authority\nshall have the right of recapture of any property sold or leased by an\nauthority to a public limited dividend corporation in the manner and\nupon the terms set forth in subdivision seven of section twenty-two of\nthis act, but without limitation as to the time of exercise thereof.\n 2. Any provi
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* § 71. Sale or lease of projects to limited dividend corporations. 1.\nA public limited dividend corporation may lease or purchase a project or\na part thereof from an authority. The lease or sale shall be upon such\nterms including limitation of rentals, regulation of occupancy,\nrecapture by the authority or by the municipality, as may be agreed upon\nbetween the corporation and the authority and approved by the board. A\nmunicipality, subject to the right of any government or the authority\nshall have the right of recapture of any property sold or leased by an\nauthority to a public limited dividend corporation in the manner and\nupon the terms set forth in subdivision seven of section twenty-two of\nthis act, but without limitation as to the time of exercise thereof.\n 2. Any provisions in this act to the contrary notwithstanding, the\ncertificate of incorporation of a public limited dividend corporation\nmay, with the approval of the board, empower the corporation to purchase\nor lease property from an authority and operate it subject to the\nsupervision of the board and shall provide that any surplus or excess of\nthe par value of the stock, together with cumulative dividends at the\nrate of six per centum per annum, shall upon dissolution revert to the\nauthority. The capital structure of a corporation formed to purchase or\nlease such property shall be entirely in the discretion of the board\nexcept that the number of shares of stock of such corporation shall not\nbe less than ten. The restrictions contained in this act as to the type\nof project, and the amounts to be represented by mortgage, mortgage\nbonds, income debentures or stock, shall be inapplicable to a\ncorporation formed to purchase or lease property from an authority.\n 3. The authority shall have the power to appoint a director to\nrepresent it on the board of directors of such corporation and to remove\nthe director appointed by it at any time with or without cause, and upon\nthe death, resignation or removal of such director to appoint a\nsuccessor.\n * NB The text of Article 5 of the former State Housing Law (cited\nherein as the "Municipal Housing Authorities Law"), as such article\nexisted immediately prior to its repeal pursuant to section 227 of\nChapter 808 of the Laws of 1939, is provided here for ease of reference\nand historical purposes as such text continues to be applicable for the\nNew York City Housing Authority pursuant to the provisions of section\n401 of the current Public Housing Law.\n