S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  8358

                          I N  A S S E M B L Y

                             January 9, 2014
                               ___________

Introduced  by  M.  of  A.  ROSENTHAL  --  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:

  Section  1. Subdivision 2 of section 35 of the private housing finance
law, as amended by chapter 229 of the laws of 1989, is amended  to  read
as follows:
  2.  A company, OTHER THAN A MUTUAL COMPANY, aided by a loan made after
May first, nineteen hundred fifty-nine, may  voluntarily  be  dissolved,
without the consent of the commissioner or of the supervising agency, as
the  case  may  be,  not less than twenty years after the occupancy date
upon the payment in full of  the  remaining  balance  of  principal  and
interest  due  and  unpaid upon the mortgage or mortgages and of any and
all expenses incurred in effecting such voluntary dissolution.   IN  THE
CASE  OF A MUTUAL COMPANY AIDED BY A LOAN MADE AFTER MAY FIRST, NINETEEN
HUNDRED FIFTY-NINE, VOLUNTARY DISSOLUTION WITHOUT  THE  CONSENT  OF  THE
COMMISSIONER  OR  OF  THE SUPERVISING AGENCY IS PERMITTED ONLY AFTER ITS
MUNICIPAL TAX EXEMPTION, AND ANY GRANT OF AN  EXTENSION  THEREOF,  SHALL
HAVE EXPIRED.
  S 2. This act shall take effect immediately.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
A                                                          LBD13256-01-3