17. Powers. 1. Subject to the limitations of this article, a company heretofore or hereafter organized under this chapter shall have the powers and be subject to the limitations contained in the business corporation law or the not-for-profit corporation law, as the case may be, and shall have the following additional specific powers:
(a) To make and execute contracts and other instruments necessary or convenient in the exercise of its powers;
(b) To acquire or contract to acquire from any person, firm, corporation, municipality, federal or state agency, by grant, purchase, condemnation or otherwise, leaseholds, real, personal or mixed property or any interest therein, and to sell, assign, exchange, transfer, mortgage or encumber the same;
(c) To own, hold, clear and improve, leasehold, real, personal or mixed property or any interest therein;
(d) To construct, reconstruct, rehabilitate, improve, alter or repair or provide for the construction, reconstruction, improvement, alteration or repair of any project;
(e) To lease or rent any of the housing or other accommodations or any of the lands, buildings, structures or facilities embraced in any project and establish and revise the rents or charges therefor; or to purchase or lease a project or a part thereof from an authority, pursuant to the provisions of section fifty-eight or article twelve-b of this chapter.
(f) To arrange or contract with a municipality for the planning, replanning, opening, grading or closing of streets, roads, roadways, alleys or other places or for the furnishing of facilities or for the acquisition by a municipality of property or property rights or for the furnishing of property or services in connection with a project;
(g) To insure or provide for the insurance of its property or operations as required by law and also against such other risks as it may deem advisable;
(h) To limit by contract the exercise of any of its powers;
(i) To invest any funds held in reserves or sinking funds, or any funds not required for immediate disbursement in property or securities in which savings banks may legally invest funds subject to their control;
(j) To sue and be sued;
(k) To have a seal and alter the same at pleasure;
(l) To make and from time to time amend and repeal by-laws, rules and regulations not inconsistent with the provisions of this article;
(m) To sell, lease, or otherwise convey all or any part of a project to an authority upon such terms and conditions as shall have the prior approval of the commissioner or the supervising agency, as the case may be;
(n) A non-profit company incorporated pursuant to the not-for-profit corporation law and this article for the purpose of providing housing and auxiliary facilities for staff members, employees or students of any college, university, hospital, child care institution and their immediate families; for aged or handicapped persons of low income or for any one of the above purposes, may, with the prior written consent of the commissioner or the supervising agency, as the case may be, lease its project or any part thereof to any colleges, universities, hospitals, child care institutions or not-for-profit corporations. A lessee of a project may sublease all or any part of the project to institutions and not-for-profit corporations which would be an eligible sponsor pursuant to the provisions of this chapter and to staff members, employees, and students of any college, university, hospital, child care institution, and to aged and handicapped persons of low income. Any property so leased or subleased shall remain subject to the provisions of this article and to the rules and regulations of the commissioner, or supervising agency, as the case may be. A lease or sublease of the entire project may provide for the assumption by the lessee or sublessee of the management and control of the project, and all of the obligations thereof, as well as the right to collect all revenues accruing thereto. In any event, the lessee shall pay rental in an amount at least equal to the interest and amortization due upon the mortgage of the property so leased.
(o) To lease to any authority, or to a municipality in connection with any federally-aided program to provide dwelling accommodations for persons of low income, one or more dwelling units in a project upon such terms and conditions as shall have the prior written approval of the commissioner or the supervising agency, as the case may be.
(p) To lease, with or without an option to purchase, all or any part of a project to any person, firm, partnership, trust or corporation, subject to the prior written consent of the commissioner or the supervising agency, as the case may be. Any property so leased shall remain subject to the provisions of this article and to the rules and regulations of the commissioner or the supervising agency, as the case may be. Such lease may provide for the assumption by the lessee of the management and control of the project, as well as the right of the lessee to collect all revenues accruing thereto.
To do all other things necessary or convenient to carry out its powers.
2. A company shall file with the commissioner or the supervising agency, as the case may be, a copy of any by-laws, rules, regulations and amendments thereto adopted by it from time to time, which shall become effective upon approval by the commissioner or by the supervising agency; provided, however, that if the commissioner or the supervising agency shall fail to approve or disapprove such proposed by-laws within three months after such filing, such by-laws shall become effective upon the expiration of such three month period. These by-laws, rules, regulations and amendments shall contain such provisions relating to the management of its business, the regulation of its affairs, the calling of meetings, the manner of selection of officers and trustees and such other provisions as may be reasonable and necessary.
3. Notwithstanding the provisions of any law, general or special, a mutual company may, with the approval of the commissioner or the supervising agency, as the case may be, require a standard form and procedure for the casting of proxies or absentee ballots in any matter requiring a shareholder vote.
Last modified: February 3, 2019