New York Private Housing Finance Law Article 7 - MORTGAGE FACILITIES CORPORATION

• 300 - Short Title.
  This article shall be known and may be cited and referred to as the "mortgage facilities corporation law".
• 301 - Policy of State and Purpose of Article.
  It is recognized that there exist in New York state certain neighborhoods, which, because of heavy in-migrations and other factors, have been characterized by over-crowding...
• 302 - Definitions.
  1. The term "housing accommodation," as used in this article, shall mean any building or structure which is used or occupied, or is intended to...
• 303 - Establishment of Corporation.
  There is hereby created a corporation which shall be known as "The Mortgage Facilities Corporation." The principal office of the corporation shall be in the...
• 304 - Purposes, Powers and Operation.
  1. The purpose of the corporation shall be to assist, promote, encourage and stimulate the development and rehabilitation of blighted areas by rendering financial assistance...
• 305 - Board of Directors.
  1. All the corporate powers of such corporation shall be exercised by a board of directors consisting of thirteen persons, all of whom shall be...
• 306 - Temporary Board of Directors.
  1. The first annual meeting of such corporation shall be held at a time and place to be fixed by the temporary board of directors...
• 307 - Membership.
  1. The members of such corporation shall consist of such banking organizations, insurance and surety companies, as may make application for membership in such corporation,...
• 308 - Capital and Shares.
  The total number of shares which the corporation may issue is forty thousand, all without par value. The consideration for which such shares may be...
• 309 - Obligations.
  At no time shall the total obligations of such corporation exceed twenty-five million dollars.
• 310 - Restrictions.
  Such corporation shall not deposit any of its funds in any banking organization unless such banking organization has been designated as a depository by a...
• 311 - Examination.
  At least once in each calendar year the corporation shall be examined by the superintendent of financial services for the purpose of determining the corporation's...
• 312 - Unissued Securities and Reorganization.
  1. The holders of capital stock of such corporation shall not, as such, have any pre-emptive or preferential right to purchase or subscribe for any...
• 313 - Participation.
  Notwithstanding any rule at common law or any provision of any general or special law or any provision in their respective charters, agreements of association,...

Last modified: February 3, 2019