§ 96. Voluntary dissolution.
1.Notwithstanding any provisions in\nthis article to the contrary, a housing company organized pursuant to\nthis article after April first, nineteen hundred sixty-two, may\nvoluntarily be dissolved, or in the case of a housing company which is a\ntrust, be terminated, without the consent of the commissioner, not less\nthan twenty years after the occupancy date upon the payment in full of\nthe remaining balance of principal and interest due and unpaid upon the\nmortgage or mortgages and of any and all expenses incurred in\neffectuating such voluntary dissolution or termination.\n 2. Upon such dissolution or termination, title to the project may be\nconveyed in fee to the owner or owners of its capital or to any\ncorporation, partnership or trust designated
Free access — add to your briefcase to read the full text and ask questions with AI
§ 96. Voluntary dissolution. 1. Notwithstanding any provisions in\nthis article to the contrary, a housing company organized pursuant to\nthis article after April first, nineteen hundred sixty-two, may\nvoluntarily be dissolved, or in the case of a housing company which is a\ntrust, be terminated, without the consent of the commissioner, not less\nthan twenty years after the occupancy date upon the payment in full of\nthe remaining balance of principal and interest due and unpaid upon the\nmortgage or mortgages and of any and all expenses incurred in\neffectuating such voluntary dissolution or termination.\n 2. Upon such dissolution or termination, title to the project may be\nconveyed in fee to the owner or owners of its capital or to any\ncorporation, partnership or trust designated by it or them for the\npurpose, or the company may be reconstituted pursuant to appropriate\nlaws relating to the formation and conduct of corporations, partnerships\nor trusts, provided, however, that prior to any such dissolution or\ntermination and conveyance or reconstitution payment shall be made of\nall current operating expenses, taxes, indebtedness and all accrued\ninterest thereon and the par value of the shares or amount of the\ncapital of such company and accrued distributions in respect thereof.\nIf after making such payments and after conveyance of the project, a\nsurplus remains in the treasury of the housing company, such surplus\nshall, upon dissolution or termination be distributed to the\nshareholders, partners or beneficiaries, as their interests may appear.\nAfter such dissolution or termination and conveyance, or such\nreconstitution, the provisions of this article shall become and be\ninapplicable to any such project and its owner or owners, and any tax\nexemption granted with respect to such project pursuant to section\nninety-three hereof shall cease and terminate.\n