N.Y. Private Housing Finance Law 13-A – The applicability of not-for-profit corporation law
§ 13-a. The applicability of not-for-profit corporation law. 1. The not-for-profit corporation law applies to every company heretofore or hereafter formed under this article and the not-for-profit corporation law, provided that:
Terms Used In N.Y. Private Housing Finance Law 13-A
- 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.
(a) If any provision of the not-for-profit corporation law conflicts with any provision of this article, the provision of this article shall prevail and the conflicting provision of the not-for-profit corporation law shall not apply in any such case. If any provision of this article relates to a matter embraced in the not-for-profit corporation law but is not in conflict therewith, both provisions shall apply.
(b) The following provisions of the not-for-profit corporation law shall not apply to companies formed pursuant to this article and the not-for-profit corporation law:
Paragraphs (7) and (8) of subdivision (a) of section one hundred twelve, section one hundred thirteen, section one hundred fourteen, section two hundred one, section three hundred four, section three hundred seven, section four hundred four, subdivision (3) of paragraph (a) of section five hundred ten, section six hundred nine, section six hundred seventeen, paragraphs (a) and (b) of section eight hundred four, article nine, section ten hundred eleven, section ten hundred twelve, article thirteen, article fourteen.
2. Every corporation to which the not-for-profit corporation law is made applicable by this section is a charitable corporation as defined in paragraph (a) of section one hundred two (Definitions) of the not-for-profit corporation law for all purposes of that law.