N.Y. PVH Law § 80
This is the official text of N.Y. PVH Law § 80, part of New York’s PVH Law — part of the compiled statutory law of New York, published by the state as "PVH Law." Browse the sections below, each linked to its official government source.
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Income debentures
Official statutory text
§ 80. Income debentures. With the approval of the commissioner the\ncertificate, or an amended certificate, may authorize the issuance of\nincome debenture certificates bearing no greater interest than six per\ncentum per annum. In the case of a housing company organized as a\ncorporation the directors thereof may, with the consent of two-thirds of\nthe holders of the preferred shares issued and outstanding, offer to the\nshareholders of the housing company, the privilege of exchanging their\nshares in such quantities and at such times as may be approved by the\ncommissioner for such income debenture certificates. In no event shall\nthe amount of shares of the housing company be less than ten per centum\nof the total of shares and income debentures.\n
Status: in_force · Read it on the official government site
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