N.Y. Private Housing Finance Law § 80: Income debentures

§ 80. Income debentures. With the approval of the commissioner the

certificate, or an amended certificate, may authorize the issuance of

income debenture certificates bearing no greater interest than six per

centum per annum. In the case of a housing company organized as a

corporation the directors thereof may, with the consent of two-thirds of

the holders of the preferred shares issued and outstanding, offer to the

shareholders of the housing company, the privilege of exchanging their

shares in such quantities and at such times as may be approved by the

commissioner for such income debenture certificates. In no event shall

the amount of shares of the housing company be less than ten per centum

of the total of shares and income debentures.