Bill Text: NY A00681 | 2015-2016 | General Assembly | Introduced

New York Assembly Bill 681 (Prior Session Legislation)

Introduced

Bill Title: Relates to the permitted voluntary dissolution of a mutual company.

Spectrum: Partisan Bill (Democrat 6-0)

Status: (Introduced - Dead) 2016-01-06 - referred to housing [A00681 Detail]

Download: New_York-2015-A00681-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                          681
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                    January 7, 2015
                                      ___________
       Introduced  by  M. of A. ROSENTHAL, MOSLEY, GOTTFRIED -- Multi-Sponsored
         by -- M. of A. FARRELL -- read once and referred to the  Committee  on
         Housing
       AN ACT to amend the private housing finance law, in relation to when the
         voluntary dissolution of a mutual company shall be permitted
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subdivision 2 of section 35 of the private housing  finance
    2  law,  as  amended by chapter 229 of the laws of 1989, is amended to read
    3  as follows:
    4    2. A company, OTHER THAN A MUTUAL COMPANY, aided by a loan made  after
    5  May  first,  nineteen  hundred fifty-nine, may voluntarily be dissolved,
    6  without the consent of the commissioner or of the supervising agency, as
    7  the case may be, not less than twenty years  after  the  occupancy  date
    8  upon  the  payment  in  full  of  the remaining balance of principal and
    9  interest due and unpaid upon the mortgage or mortgages and  of  any  and
   10  all  expenses  incurred in effecting such voluntary dissolution.  IN THE
   11  CASE OF A MUTUAL COMPANY AIDED BY A LOAN MADE AFTER MAY FIRST,  NINETEEN
   12  HUNDRED  FIFTY-NINE,  VOLUNTARY  DISSOLUTION  WITHOUT THE CONSENT OF THE
   13  COMMISSIONER OR OF THE SUPERVISING AGENCY IS PERMITTED  ONLY  AFTER  ITS
   14  MUNICIPAL  TAX  EXEMPTION,  AND ANY GRANT OF AN EXTENSION THEREOF, SHALL
   15  HAVE EXPIRED.
   16    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD04149-01-5