§ 97 — Corporations in existence prior to enactment of article

New York § 97

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

Text

§ 97. Corporations in existence prior to enactment of article.\nNothing in this article contained shall be deemed to require the\nreincorporation of any public limited dividend housing company or any\nprivate limited dividend housing company heretofore organized under the\nprovisions of chapter eight hundred twenty-three of the laws of nineteen\nhundred twenty-six, entitled "state housing law," as amended prior to\nthe enactment of this article, nor to alter or affect any rights,\nprivileges, powers, benefits, or immunities granted to such corporations\nby the provisions of any law, general, special or local. Such housing\ncompanies shall exist, continue to function and they and their\nstockholders, debenture holders, tenants, mortgagees, creditors and all\nother persons having an interest therein shall possess the powers,\nrights and privileges, be subject to the duties, restrictions and\nliabilities, of this article, provided that the legality, terms, rights,\nduties, limitations, privileges and immunities with respect to rents,\ndividend returns, mortgage interest, state and local tax exemptions and\ninvestments in such companies heretofore made and of transactions\nheretofore had by such companies shall not be affected by the provisions\nof this article, but the same shall continue to be governed by the\nprovisions of chapter eight hundred twenty-three of the laws of nineteen\nhundred twenty-six and amendatory acts thereto, and for such purposes,\nsuch chapter and amendatory acts thereto shall continue to be in full\nforce and effect.\n