55:17-4 - Establishment and maintenance of financial records and data
55:17-4.Ā Establishment and maintenance of financial records and data
The financial records and data in respect to the administration of the project after default or foreclosure shall be so established and maintained as to permit the application of the terms of the lease or financial arrangement inĀ respect to the calculation of payments to be made to a governmental body orĀ agency, as well as of limitations upon profits, earnings, dividends and theĀ like, separately and apart from the business operations of the holder of theĀ mortgage loans arising from other transactions than the project itself.
L.1967, c. 304, s. 4, eff. Feb. 15, 1968.
Ā
The financial records and data in respect to the administration of the project after default or foreclosure shall be so established and maintained as to permit the application of the terms of the lease or financial arrangement inĀ respect to the calculation of payments to be made to a governmental body orĀ agency, as well as of limitations upon profits, earnings, dividends and theĀ like, separately and apart from the business operations of the holder of theĀ mortgage loans arising from other transactions than the project itself.
L.1967, c. 304, s. 4, eff. Feb. 15, 1968.
Ā