New York Private Housing Finance Law Article 7-A - COMMUNITY SENIOR CITIZENS CENTERS AND SERVICES COMPANIES

• 350 - Short Title.
  This article shall be known and may be cited and referred to as the "community senior citizens centers and services companies law."
• 351 - Policy and Purposes of Article.
  It is hereby declared that the provision of new and improved community senior citizens facilities is necessary to care for the increasing number of persons...
• 352 - Definitions.
  As used in this article the following words and phrases shall have the following meanings unless a different meaning is plainly required by the context:...
• 353 - Companies; How Created.
  Notwithstanding the provisions of any other law or requirement to the contrary, companies shall be incorporated and organized pursuant to the not-for-profit corporation law and...
• 354 - Consent of Commissioner.
  Whenever any such certificate shall be presented to the secretary of state, he shall not file such certificate unless there shall accompany the same a...
• 355 - Powers and Limitations of a Company.
  1. Except as is inconsistent with the provisions of this article, a company shall have, in carrying out the purpose of this article, the powers...
• 356 - Members; Officers and Directors.
  No member or director of a company shall receive any salary or other compensation for services as such member or director, other than reimbursement of...
• 357 - Financing.
  1. Any company formed under this article may, subject to the approval of the commissioner, borrow funds from the New York state housing finance agency...
• 358 - Conditions and Security for Loans.
  No loan shall be made by the New York state housing finance agency to a company until the commissioner has approved the project and finds...
• 359 - Rates and Fees.
  A company shall, with the approval of the commissioner, fix maximum rates and fees to be charged persons served by each project for the facilities...
• 360 - Transfer of Real Property.
  Notwithstanding any requirement of law to the contrary or any provision of any general, special or local law, charter or ordinance, every executor, administrator, trustee,...
• 361 - Supervision and Regulation.
  1. The department may from time to time make, alter, amend and repeal rules and regulations for the supervision, examination, regulation and audit of companies...
• 362 - Voluntary Dissolution.
  At any time after the expiration of ten years after the occupancy date, a company may be voluntarily dissolved, with the consent of the commissioner,...
• 363 - Foreclosures and Judgments.
  1. In any foreclosure action the commissioner shall be made a party defendant. He shall take all steps necessary to protect the interests of the...
• 364 - Fees and Charges.
  The department may by regulation establish and charge to any company such fees and charges for inspection, regulation, supervision and audit as to the department...
• 365 - Separability.
  If any clause, sentence, paragraph or part of this article shall be adjudged by any court of competent jurisdiction to be invalid, such judgment shall...

Last modified: February 3, 2019