§ 313 — Participation

New York § 313

• Jurisdiction: New York
• Law PVH: Private Housing Finance
• Art. 7: Mortgage Facilities Corporation

Text

§ 313. Participation. Notwithstanding any rule at common law or any\nprovision of any general or special law or any provision in their\nrespective charters, agreements of association, articles of organization\nor certificates of incorporation:\n 1. All banking organizations, insurance and surety companies are\nhereby authorized to become members of the corporation established by\nthis article and to make loans to such corporation as provided herein;\n 2. A banking organization which does not become a member of the\ncorporation established by this article shall not acquire any shares of\nthe capital stock of such corporation;\n 3. Each banking organization, insurance and surety company which\nbecomes a member of the corporation established by this article is\nhereby authorized to acquire, purchase, hold, sell, assign, transfer,\nmortgage, pledge, or otherwise dispose of any bonds, securities or other\nevidences of indebtedness issued by such corporation or the shares of\nits capital stock, and while owners of said stock, to exercise all the\nrights, powers and privileges of ownership, including the right to vote\nthereon, all without the approval of any regulatory authority of this\nstate; provided, however, that the amount of the capital stock of such\ncorporation which may be acquired by any member pursuant to the\nauthority granted herein, shall not exceed ten per centum of the loan\nlimit of such member as defined by section three hundred seven of this\narticle. The amount of capital stock of such corporation which any\nmember is authorized to acquire pursuant to the authority granted herein\nshall be in addition to the amount of capital stock in corporations\nwhich such member may otherwise be authorized to acquire.\n