New York A00881 amends the private housing finance law to allow voluntary dissolution of mutual companies after certain conditions are met.

New York A00881 amends the private housing finance law to modify the conditions under which a mutual company can voluntarily dissolve. The bill specifies that a mutual company, aided by a loan made after May 1, 1959, can only dissolve voluntarily without the consent of the commissioner or supervising agency if its municipal tax exemption and any extension of it have expired. This act takes effect immediately.

New York A00881 amends the private housing finance law to allow voluntary dissolution of mutual companies after certain conditions are met.

New York A00881 amends the private housing finance law to modify the conditions under which a mutual company can voluntarily dissolve. The bill specifies that a mutual company, aided by a loan made after May 1, 1959, can only dissolve voluntarily without the consent of the commissioner or supervising agency if its municipal tax exemption and any extension of it have expired. This act takes effect immediately.