§ 557. Supervision of certain housing companies. The provisions of
section thirteen of this chapter requiring the approval by the
commissioner of housing of the persons incorporating a limited-profit
housing company, and the provisions of section fourteen of this chapter
requiring the consent of the commissioner of housing to the filing of a
certificate of incorporation of a limited-profit housing company in the
office of the secretary of state and amendments thereof, shall not apply
to a municipally-aided housing company organized for the purpose of
purchasing or leasing a federally-aided project or municipally-aided
project from a municipality or housing authority. The deed or lease
shall, in such cases, make provision for the supervision of such
companies by one or more state, federal or municipal agencies.