§ 24 — Income debentures

New York § 24

• Jurisdiction: New York
• Law PVH: Private Housing Finance
• Art. 2: Limited-profit Housing Companies

Text

§ 24. Income debentures. 1. With the approval of the supervising\nagency or of the commissioner, as the case may be, the certificate of\nincorporation, or an amended certificate may authorize the issuance of\nincome debentures bearing no greater interest than six per centum per\nannum except as otherwise provided in this article. After the\nincorporation of a company, the directors thereof may, with the consent\nof two-thirds of the holders of the preferred stock issued and\noutstanding offer to the stockholders of the company, the privilege of\nexchanging their stock in such quantities and at such times as may be\napproved by the supervising agency or the commissioner, as the case may\nbe, for such income debentures. In no event, shall the amount of stock\nof the company be less than a per centum of the total of stock and\nincome debentures, to be fixed by the supervising agency or by the\ncommissioner, as the case may be.\n 2. Such income debentures and any instrument under which they are\nissued may contain such other provisions, including provision for\namortization by serial maturities, through the operation of a sinking\nfund or otherwise, as may be approved by the supervising agency or by\nthe commissioner, as the case may be.\n