N.Y. Private Housing Finance Law § 76: Limited return on capital and debentures

§ 76. Limited return on capital and debentures. No shareholder,

partner or beneficiary of a trust having an interest vested in

possession in any housing company formed hereunder shall receive any

distribution on capital in any one year in excess of six per centum per

annum except that when in any preceding year distributions in the amount

prescribed in the certificate shall not have been paid on the said

capital, the shareholders, partners or beneficiaries, as the case may

be, may be paid such deficiency without interest out of any surplus

earned in any succeeding years. This provision shall likewise be

applicable to income debenture certificates and interest thereon at the

rate specified in such certificates shall be cumulative.