N.Y. Private Housing Finance Law 1011 – Merged company savings fund
Current as of: 2024 | Check for updates
|
Other versions
§ 1011. Merged company savings fund. The division shall create a fund to hold and shall transfer all funds determined to be merged corporation savings pursuant to paragraph (d) of subdivision five of section one thousand four of this article into such fund. The division shall use such funds, as available, for entering into new contracts, pursuant to section one thousand three of this article, with not-for-profit corporations located in areas of the state that are currently unserved by a not-for-profit corporation that is maintaining a contract pursuant to section one thousand three of this article.
Terms Used In N.Y. Private Housing Finance Law 1011
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Division: shall mean the state division of housing and community renewal. See N.Y. Private Housing Finance Law 1002