§ 580 — Examination by comptroller

New York § 580

• Jurisdiction: New York
• Law PVH: Private Housing Finance
• Art. 11: Housing Development Fund Companies

Text

§ 580. Examination by comptroller. 1. The comptroller, or his legally\nauthorized representative, is hereby authorized and empowered from time\nto time to examine the books and accounts of the division relating to\nthe housing development fund, and from time to time, not less than once\nevery five years, to examine the books and accounts of each housing\ndevelopment fund company which received or is to receive aid from such\nfund pursuant to this article, including its receipts, disbursements,\ncontracts, leases, loans, and any other moneys relating to its financial\noperation, and from time to time, to examine the books and accounts of\nany local loan administrator which has received advances from such fund\npursuant to this article, but only insofar as those books and accounts\nrelate to such advances and to the local loan administrator's compliance\nwith the master servicing agreement entered into pursuant to section\nfive hundred seventy-six-d of this article.\n 2. The comptroller of a municipality or, in the case of a municipality\nhaving no comptroller, the chief fiscal officer of such municipality, is\nhereby authorized and empowered from time to time to examine the books\nand accounts relating to the municipal housing development fund, and the\nsupervising agency is hereby authorized and empowered from time to time,\nnot less than once every five years, to examine the books and accounts\nof each housing development fund company which received or is to receive\naid from such fund, including its receipts, disbursements, contracts,\nleases, loans, and any other moneys relating to its financial operation.\n