N.Y. Private Housing Finance Law § 77: Time of payment of subscription or capital contributions

§ 77. Time of payment of subscription or capital contributions. 1.

Subscriptions to the shares or income debentures of a housing company

organized as a corporation shall be paid at such times and in such

installments as the board of directors and the commissioner may require.

If any default shall be made in the payment of any installment as so

required, the board of directors may enforce said subscription by

appropriate action and upon their failure so to do said subscription may

be enforced by the commissioner. At the option of the board of directors

with the consent of the commissioner, the board of directors may upon

such default declare the shares or income debentures and all previous

payments thereon forfeited, after the expiration of twenty days from the

service on the defaulting shareholder personally, or by mail directed to

him at his address as shown on the books of the housing company, of a

written notice requiring him to make payment within twenty days from the

service of the notice at a place specified therein and stating that, in

case of failure to do so, his shares or income debentures and all

previous payments thereon will be forfeited. Such shares or income

debentures if forfeited may be reissued or reoffered for subscription.

If a receiver of the housing company has been appointed, all unpaid

subscriptions shall be paid at such times and in such installments as

such receiver or the court may direct.

2. Capital contributions to a housing company organized as a

partnership (general or limited) or a trust shall be paid at such times

and in such installments as shall be provided by the partnership

agreement or trust agreement. Such partnership agreement or trust

agreement shall contain provisions for enforcement of the terms and

conditions thereof by the partners or trustees, or upon their failure to

do so, by the commissioner, if any payment so required shall not be

made. If a receiver of the housing company has been appointed, all

unpaid capital contributions shall be paid at such times and in such

installments as such receiver or the court may direct.