State Codes and Statutes

Statutes > New-york > Pvh > Article-5 > 123

§ 123. Dissolution.  1. After termination of any tax exemption granted  pursuant  to section one hundred twenty-five of this article, whether by  expiration or by any other cause, or in the event that prior thereto the  redevelopment company elects to pay to the municipality the total of all  accrued taxes  for  which  such  exemption  was  granted  and  received,  together  with  interest  at  the  rate  of five per centum per annum, a  redevelopment company which is a corporation or partnership  or  limited  liability  company  may  voluntarily  dissolve  or,  in  the  case  of a  redevelopment company which is a trust, may terminate, and title to  the  project  may be conveyed in fee to the owner or owners of its capital or  to any corporation, partnership,  limited  liability  company  or  trust  designated  by  it or them for the purpose, or the redevelopment company  may be dissolved or terminated and reconstituted pursuant to appropriate  laws  relating  to  the   formation   and   conduct   of   corporations,  partnerships, limited liability companies or trusts, after providing, in  any  case,  for  the  payment  of all current operating expenses, taxes,  indebtedness and all accrued interest thereon,  and  the  par  value  or  amount   of  the  capital  of  the  redevelopment  company  and  accrued  distributions in respect thereof.  If, after making such  provision  and  after  the  conveyance  of  the  project,  a cash surplus remains in the  treasury of the redevelopment company, such  cash  surplus  shall,  upon  dissolution  or  termination,  be  paid  into  the  general  fund of the  municipality.  After such dissolution or termination and  conveyance  or  such  reconstitution, the provisions of this article shall become and be  inapplicable to any such project and its owner or owners,  and  any  tax  exemption  granted to such redevelopment company pursuant to section one  hundred twenty-five of this article shall cease and terminate.    2. If prior to the termination of any tax  exemption  the  project  is  sold  for  any  reason,  the  redevelopment  company  shall  dissolve or  terminate, and any tax exemption granted to such  redevelopment  company  pursuant  to section one hundred twenty-five of this article shall cease  and terminate, except as  otherwise  provided  in  section  one  hundred  twenty-two  of  this article.   In such case the shareholders, partners,  members or beneficiaries, as the  case  may  be,  and  income  debenture  certificate holders shall in no event receive more than the par value of  their  shares  or  amount  of  their capital and the face value of their  income debenture certificates with accrued and unpaid  distributions  or  interest  in  respect of such capital and income debenture certificates,  and any remaining surplus shall be paid into the  general  fund  of  the  municipality.    3.  In no event shall a redevelopment company be voluntarily dissolved  or terminated unless provision is made for the payment in  full  of  the  remaining  balance  of  principal  and  interest  due or unpaid upon any  mortgage on its property or any part thereof, but any project may,  with  the  consent  of  the  local  legislative  body  of the municipality, be  conveyed and transferred to the municipality subject  to  such  mortgage  and accrued interest.    4. Unless the local legislative body of the municipality shall consent  to  the voluntary dissolution or termination of a redevelopment company,  such a company shall not dissolve or terminate except in accordance with  subdivisions one and two of this section or upon the expiration  of  its  term as stated in the certificate creating the redevelopment company.    5.   With   the   consent  of  the  local  legislative  body  and  the  superintendent of  insurance,  a  redevelopment  company  heretofore  or  hereafter  organized  may voluntarily dissolve or terminate prior to the  termination of any tax exemption granted pursuant to section one hundred  twenty-five of this article and title to the project  may  be  conveyed,  and  all  other assets of such redevelopment company may be transferred,to an insurance company, whether or not such  project  shall  have  been  theretofore   completed.  After  such  dissolution  or  termination  and  conveyance such tax exemption shall continue for  the  period  of  years  originally  provided  for  in the contract, or for the unexpired portion  thereof if such period shall  have  theretofore  commenced,  subject  to  prior termination pursuant to section one hundred twenty-four or section  one  hundred  twenty-five  of  this  article, and the provisions of this  article shall thereafter be applicable  to  such  project  and  to  such  insurance  company to the same extent and with the same force and effect  as though such project had been initially undertaken by  such  insurance  company  pursuant  to  section  one hundred twenty-four of this article;  provided, however, that nothing herein  contained  shall  be  deemed  to  require  the  resubmission  of  the plan of the project and the contract  relating thereto for approval pursuant to section one  hundred  fourteen  of this article.    6.   The  contract  with  the  municipality  may  contain  such  other  provisions for the  dissolution  or  termination  of  the  redevelopment  company as may be deemed advisable, not inconsistent with the provisions  of  this article. In case of a dissolution or termination and conveyance  in accordance with subdivision five of this section, the contract may be  modified consistently with the provisions of said subdivision  five  and  section  one hundred twenty-four of this article, any such modifications  to be  approved  by  the  superintendent  of  insurance  and  the  local  legislative body.    7.  Upon  dissolution or termination as provided in this section, this  article shall become and be inapplicable to the project and its owner or  owners except as otherwise contemplated  by  subdivision  five  of  this  section.

State Codes and Statutes

Statutes > New-york > Pvh > Article-5 > 123

§ 123. Dissolution.  1. After termination of any tax exemption granted  pursuant  to section one hundred twenty-five of this article, whether by  expiration or by any other cause, or in the event that prior thereto the  redevelopment company elects to pay to the municipality the total of all  accrued taxes  for  which  such  exemption  was  granted  and  received,  together  with  interest  at  the  rate  of five per centum per annum, a  redevelopment company which is a corporation or partnership  or  limited  liability  company  may  voluntarily  dissolve  or,  in  the  case  of a  redevelopment company which is a trust, may terminate, and title to  the  project  may be conveyed in fee to the owner or owners of its capital or  to any corporation, partnership,  limited  liability  company  or  trust  designated  by  it or them for the purpose, or the redevelopment company  may be dissolved or terminated and reconstituted pursuant to appropriate  laws  relating  to  the   formation   and   conduct   of   corporations,  partnerships, limited liability companies or trusts, after providing, in  any  case,  for  the  payment  of all current operating expenses, taxes,  indebtedness and all accrued interest thereon,  and  the  par  value  or  amount   of  the  capital  of  the  redevelopment  company  and  accrued  distributions in respect thereof.  If, after making such  provision  and  after  the  conveyance  of  the  project,  a cash surplus remains in the  treasury of the redevelopment company, such  cash  surplus  shall,  upon  dissolution  or  termination,  be  paid  into  the  general  fund of the  municipality.  After such dissolution or termination and  conveyance  or  such  reconstitution, the provisions of this article shall become and be  inapplicable to any such project and its owner or owners,  and  any  tax  exemption  granted to such redevelopment company pursuant to section one  hundred twenty-five of this article shall cease and terminate.    2. If prior to the termination of any tax  exemption  the  project  is  sold  for  any  reason,  the  redevelopment  company  shall  dissolve or  terminate, and any tax exemption granted to such  redevelopment  company  pursuant  to section one hundred twenty-five of this article shall cease  and terminate, except as  otherwise  provided  in  section  one  hundred  twenty-two  of  this article.   In such case the shareholders, partners,  members or beneficiaries, as the  case  may  be,  and  income  debenture  certificate holders shall in no event receive more than the par value of  their  shares  or  amount  of  their capital and the face value of their  income debenture certificates with accrued and unpaid  distributions  or  interest  in  respect of such capital and income debenture certificates,  and any remaining surplus shall be paid into the  general  fund  of  the  municipality.    3.  In no event shall a redevelopment company be voluntarily dissolved  or terminated unless provision is made for the payment in  full  of  the  remaining  balance  of  principal  and  interest  due or unpaid upon any  mortgage on its property or any part thereof, but any project may,  with  the  consent  of  the  local  legislative  body  of the municipality, be  conveyed and transferred to the municipality subject  to  such  mortgage  and accrued interest.    4. Unless the local legislative body of the municipality shall consent  to  the voluntary dissolution or termination of a redevelopment company,  such a company shall not dissolve or terminate except in accordance with  subdivisions one and two of this section or upon the expiration  of  its  term as stated in the certificate creating the redevelopment company.    5.   With   the   consent  of  the  local  legislative  body  and  the  superintendent of  insurance,  a  redevelopment  company  heretofore  or  hereafter  organized  may voluntarily dissolve or terminate prior to the  termination of any tax exemption granted pursuant to section one hundred  twenty-five of this article and title to the project  may  be  conveyed,  and  all  other assets of such redevelopment company may be transferred,to an insurance company, whether or not such  project  shall  have  been  theretofore   completed.  After  such  dissolution  or  termination  and  conveyance such tax exemption shall continue for  the  period  of  years  originally  provided  for  in the contract, or for the unexpired portion  thereof if such period shall  have  theretofore  commenced,  subject  to  prior termination pursuant to section one hundred twenty-four or section  one  hundred  twenty-five  of  this  article, and the provisions of this  article shall thereafter be applicable  to  such  project  and  to  such  insurance  company to the same extent and with the same force and effect  as though such project had been initially undertaken by  such  insurance  company  pursuant  to  section  one hundred twenty-four of this article;  provided, however, that nothing herein  contained  shall  be  deemed  to  require  the  resubmission  of  the plan of the project and the contract  relating thereto for approval pursuant to section one  hundred  fourteen  of this article.    6.   The  contract  with  the  municipality  may  contain  such  other  provisions for the  dissolution  or  termination  of  the  redevelopment  company as may be deemed advisable, not inconsistent with the provisions  of  this article. In case of a dissolution or termination and conveyance  in accordance with subdivision five of this section, the contract may be  modified consistently with the provisions of said subdivision  five  and  section  one hundred twenty-four of this article, any such modifications  to be  approved  by  the  superintendent  of  insurance  and  the  local  legislative body.    7.  Upon  dissolution or termination as provided in this section, this  article shall become and be inapplicable to the project and its owner or  owners except as otherwise contemplated  by  subdivision  five  of  this  section.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Pvh > Article-5 > 123

§ 123. Dissolution.  1. After termination of any tax exemption granted  pursuant  to section one hundred twenty-five of this article, whether by  expiration or by any other cause, or in the event that prior thereto the  redevelopment company elects to pay to the municipality the total of all  accrued taxes  for  which  such  exemption  was  granted  and  received,  together  with  interest  at  the  rate  of five per centum per annum, a  redevelopment company which is a corporation or partnership  or  limited  liability  company  may  voluntarily  dissolve  or,  in  the  case  of a  redevelopment company which is a trust, may terminate, and title to  the  project  may be conveyed in fee to the owner or owners of its capital or  to any corporation, partnership,  limited  liability  company  or  trust  designated  by  it or them for the purpose, or the redevelopment company  may be dissolved or terminated and reconstituted pursuant to appropriate  laws  relating  to  the   formation   and   conduct   of   corporations,  partnerships, limited liability companies or trusts, after providing, in  any  case,  for  the  payment  of all current operating expenses, taxes,  indebtedness and all accrued interest thereon,  and  the  par  value  or  amount   of  the  capital  of  the  redevelopment  company  and  accrued  distributions in respect thereof.  If, after making such  provision  and  after  the  conveyance  of  the  project,  a cash surplus remains in the  treasury of the redevelopment company, such  cash  surplus  shall,  upon  dissolution  or  termination,  be  paid  into  the  general  fund of the  municipality.  After such dissolution or termination and  conveyance  or  such  reconstitution, the provisions of this article shall become and be  inapplicable to any such project and its owner or owners,  and  any  tax  exemption  granted to such redevelopment company pursuant to section one  hundred twenty-five of this article shall cease and terminate.    2. If prior to the termination of any tax  exemption  the  project  is  sold  for  any  reason,  the  redevelopment  company  shall  dissolve or  terminate, and any tax exemption granted to such  redevelopment  company  pursuant  to section one hundred twenty-five of this article shall cease  and terminate, except as  otherwise  provided  in  section  one  hundred  twenty-two  of  this article.   In such case the shareholders, partners,  members or beneficiaries, as the  case  may  be,  and  income  debenture  certificate holders shall in no event receive more than the par value of  their  shares  or  amount  of  their capital and the face value of their  income debenture certificates with accrued and unpaid  distributions  or  interest  in  respect of such capital and income debenture certificates,  and any remaining surplus shall be paid into the  general  fund  of  the  municipality.    3.  In no event shall a redevelopment company be voluntarily dissolved  or terminated unless provision is made for the payment in  full  of  the  remaining  balance  of  principal  and  interest  due or unpaid upon any  mortgage on its property or any part thereof, but any project may,  with  the  consent  of  the  local  legislative  body  of the municipality, be  conveyed and transferred to the municipality subject  to  such  mortgage  and accrued interest.    4. Unless the local legislative body of the municipality shall consent  to  the voluntary dissolution or termination of a redevelopment company,  such a company shall not dissolve or terminate except in accordance with  subdivisions one and two of this section or upon the expiration  of  its  term as stated in the certificate creating the redevelopment company.    5.   With   the   consent  of  the  local  legislative  body  and  the  superintendent of  insurance,  a  redevelopment  company  heretofore  or  hereafter  organized  may voluntarily dissolve or terminate prior to the  termination of any tax exemption granted pursuant to section one hundred  twenty-five of this article and title to the project  may  be  conveyed,  and  all  other assets of such redevelopment company may be transferred,to an insurance company, whether or not such  project  shall  have  been  theretofore   completed.  After  such  dissolution  or  termination  and  conveyance such tax exemption shall continue for  the  period  of  years  originally  provided  for  in the contract, or for the unexpired portion  thereof if such period shall  have  theretofore  commenced,  subject  to  prior termination pursuant to section one hundred twenty-four or section  one  hundred  twenty-five  of  this  article, and the provisions of this  article shall thereafter be applicable  to  such  project  and  to  such  insurance  company to the same extent and with the same force and effect  as though such project had been initially undertaken by  such  insurance  company  pursuant  to  section  one hundred twenty-four of this article;  provided, however, that nothing herein  contained  shall  be  deemed  to  require  the  resubmission  of  the plan of the project and the contract  relating thereto for approval pursuant to section one  hundred  fourteen  of this article.    6.   The  contract  with  the  municipality  may  contain  such  other  provisions for the  dissolution  or  termination  of  the  redevelopment  company as may be deemed advisable, not inconsistent with the provisions  of  this article. In case of a dissolution or termination and conveyance  in accordance with subdivision five of this section, the contract may be  modified consistently with the provisions of said subdivision  five  and  section  one hundred twenty-four of this article, any such modifications  to be  approved  by  the  superintendent  of  insurance  and  the  local  legislative body.    7.  Upon  dissolution or termination as provided in this section, this  article shall become and be inapplicable to the project and its owner or  owners except as otherwise contemplated  by  subdivision  five  of  this  section.