§ 76 — Limited return on capital and debentures

New York § 76

• Jurisdiction: New York
• Law PVH: Private Housing Finance
• Art. 4: Limited Dividend Housing Companies

Text

§ 76. Limited return on capital and debentures. No shareholder,\npartner or beneficiary of a trust having an interest vested in\npossession in any housing company formed hereunder shall receive any\ndistribution on capital in any one year in excess of six per centum per\nannum except that when in any preceding year distributions in the amount\nprescribed in the certificate shall not have been paid on the said\ncapital, the shareholders, partners or beneficiaries, as the case may\nbe, may be paid such deficiency without interest out of any surplus\nearned in any succeeding years. This provision shall likewise be\napplicable to income debenture certificates and interest thereon at the\nrate specified in such certificates shall be cumulative.\n