§ 16. Limited-profit housing companies; partnership relations.\nNotwithstanding any provisions in this article to the contrary, but\nsubject to such regulations as may be prescribed by the commissioner or\nthe supervising agency, as the case may be:\n 1.
(a)Any company may be a partner (general or limited) in a\npartnership (general or limited) formed for the purpose of providing\nsuch company with capital. Any company incorporated pursuant to the\nprovisions of this article may, with the consent of the commissioner or\nthe supervising agency as the case may be, become a partner (general or\nlimited) in a partnership (general or limited) upon the consent of the\ncompany to the refinancing of its original mortgage loan by a mortgage\nloan insured by the Federal government; such a partne
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§ 16. Limited-profit housing companies; partnership relations.\nNotwithstanding any provisions in this article to the contrary, but\nsubject to such regulations as may be prescribed by the commissioner or\nthe supervising agency, as the case may be:\n 1. (a) Any company may be a partner (general or limited) in a\npartnership (general or limited) formed for the purpose of providing\nsuch company with capital. Any company incorporated pursuant to the\nprovisions of this article may, with the consent of the commissioner or\nthe supervising agency as the case may be, become a partner (general or\nlimited) in a partnership (general or limited) upon the consent of the\ncompany to the refinancing of its original mortgage loan by a mortgage\nloan insured by the Federal government; such a partnership shall have\nthe same powers and duties as provided by this article as a partnership\nformed for the purpose of providing a company with capital.\n (b) Any partner (general or limited) of any partnership (general or\nlimited) in which a company is a partner (general or limited) may be the\nowner or holder of any shares, bonds, income debentures, notes or other\nsecurities of such company.\n (c) Any company which is a partner (general or limited) in any such\npartnership (general or limited) may exercise all the rights and powers\nand shall be subject to all the duties and obligations of a company in\naccordance with this article.\n 2. The capital structure of a company which is a partner (general or\nlimited) in a partnership (general or limited) formed pursuant to\nparagraph (a) of subdivision one of section sixteen may include\nwithdrawals from the capital of such a partnership (general or limited).\n The provisions of this article relating to shares and income\ndebentures shall be deemed to include withdrawals from the capital of a\npartnership (general or limited) of which a company is a partner\n(general or limited).\n 3. For the purposes of this section, the term partner shall be deemed\nto include a member of a limited liability company, and the term\npartnership shall be deemed to include a limited liability company,\nprovided there is disclosure of the identity of the managing member,\nincluding the identity of the natural person who is responsible for the\nhousing development. Notwithstanding any provision of this section to\nthe contrary, any change in general partner of a partnership or managing\nmember of a limited liability company shall be subject to the prior,\nwritten approval of the commissioner or supervising agency.\n