§ 36 — Sale of project prior to termination of tax exemption

§ 36. Sale of project prior to termination of tax exemption. 1.\nExcept as otherwise provided in this article and prior to the expiration\nof thirty-five years from the date of occupancy, a project, other than a\nproject aided by a loan made after May first, nineteen hundred\nfifty-nine, shall not be sold except to a company organized pursuant to\nthe provisions of this article; prior to the expiration of twenty years\nfrom the date of occupancy, a project aided by a loan made after May\nfirst, nineteen hundred fifty-nine, shall not be sold except to a\ncompany organized pursuant to the provisions of this article. Such\nsuccessor company shall acquire such project subject to all the\nprovisions of the loan and mortgage contract and the provisions of this\narticle, and shall be entitled to all the benefits provided in such\ncontract or granted under this article, and a company so conveying all\nits projects may be dissolved with the consent of the commissioner or\nthe supervising agency, as the case may be.\n 2. In the event of any sale described in this section, the\nstockholders of the dissolving company shall in no event receive more\nthan the par value of their stock with accrued and unpaid dividends upon\nsuch stock.\n