N.Y. Private Housing Finance Law § 24: Income debentures

§ 24. Income debentures. 1. With the approval of the supervising

agency or of the commissioner, as the case may be, the certificate of

incorporation, or an amended certificate may authorize the issuance of

income debentures bearing no greater interest than six per centum per

annum except as otherwise provided in this article. After the

incorporation of a company, the directors thereof may, with the consent

of two-thirds of the holders of the preferred stock issued and

outstanding offer to the stockholders of the company, the privilege of

exchanging their stock in such quantities and at such times as may be

approved by the supervising agency or the commissioner, as the case may

be, for such income debentures. In no event, shall the amount of stock

of the company be less than a per centum of the total of stock and

income debentures, to be fixed by the supervising agency or by the

commissioner, as the case may be.

2. Such income debentures and any instrument under which they are

issued may contain such other provisions, including provision for

amortization by serial maturities, through the operation of a sinking

fund or otherwise, as may be approved by the supervising agency or by

the commissioner, as the case may be.