§ 88. Surplus. The amount of net earnings transferable to surplus in\nany year after making or providing for the payments specified in items\n(a), (b) and (c) of subdivision one of section eighty-five of this\narticle shall be subject to the approval of the commissioner. The amount\nof such surplus shall not exceed twelve per centum of the outstanding\ncapital and income debentures of the housing company, but the surplus so\nlimited shall not be deemed to include any increase in assets due to\nreduction of mortgage or amortization or similar payments. On\ndissolution of any housing company, organized as a corporation, the\nshareholders shall in no event receive more than the par value of their\nshares plus accumulated, accrued or unpaid dividends at the rate of six\nper centum per annum
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§ 88. Surplus. The amount of net earnings transferable to surplus in\nany year after making or providing for the payments specified in items\n(a), (b) and (c) of subdivision one of section eighty-five of this\narticle shall be subject to the approval of the commissioner. The amount\nof such surplus shall not exceed twelve per centum of the outstanding\ncapital and income debentures of the housing company, but the surplus so\nlimited shall not be deemed to include any increase in assets due to\nreduction of mortgage or amortization or similar payments. On\ndissolution of any housing company, organized as a corporation, the\nshareholders shall in no event receive more than the par value of their\nshares plus accumulated, accrued or unpaid dividends at the rate of six\nper centum per annum; on dissolution of a housing company organized as a\npartnership, the partners shall in no event receive more than the value\nof their paid in capital plus accumulated, accrued or unpaid\ndistributions on capital at the rate of six per centum per annum; on\ntermination of a housing company organized as a trust, the beneficiaries\nshall in no event receive more than the value of the money or property\nsubject to the trust plus accumulated, accrued or unpaid distributions\non capital at the rate of six per centum per annum; on dissolution of\nany housing company income debenture holders shall in no event receive\nmore than the face value of income debentures outstanding plus\naccumulated, accrued and unpaid interest at the rate of six per centum\nper annum. Any remaining surplus shall be paid into the general fund of\nthe state of New York, if the buildings and the improvements of the\nproject have not received exemption from taxation by the municipality\npursuant to subdivision three or four of section ninety-three and if the\ncompany has not received a loan from the municipality, but if such tax\nexemption or loan has been received, any remaining surplus shall be paid\ninto the general fund of the municipality.\n