State Codes and Statutes

Statutes > New-york > Pvh > Article-8 > 407

§  407. Participation by certain corporations and individuals. 1.  One  or more banking  institutions,  foundations,  labor  unions,  employers'  associations,  veterans'  organizations,  insurance companies, trustees,  fiduciaries or any combination of the foregoing, shall have the power to  participate and invest, singly or jointly, with a  municipality  or  the  New  York  city  housing  development  corporation in a bond or note and  single participating  mortgage,  or  in  separate  bonds  or  notes  and  mortgages  pursuant  to  and  in  accordance with the provisions of this  article. As used in this section, the terms "trustees" and "fiduciaries"  shall include any fiduciary or fiduciaries holding funds for investment.    2. Banking institutions may exercise such power on such conditions  as  may  be  prescribed by the banking board of the state banking department  and insurance companies may exercise such power only to the  extent  and  on  such  conditions as may be authorized by the state superintendent of  insurance.    3. Where one or more banking institutions, foundations, labor  unions,  employers'  associations,  veterans' organizations, insurance companies,  trustees or fiduciaries participates and invests with a municipality  or  the  New  York  city  housing  development  corporation  as  provided in  subdivision one, the interest of each need not be equal as  to  priority  of lien, interest rate, time or rate of amortization or otherwise.    4.   Where   a  municipality  joins  with  one  or  more  corporations  organizations or individuals of the kind hereinabove mentioned in making  a loan secured  by  a  single  participating  mortgage  or  by  separate  mortgages,  the  municipality may make provision, either in the mortgage  or mortgages or by separate  agreement,  for  the  performance  of  such  services  as  are  generally  performed  by  a  banking  institution  or  insurance company which itself owns and holds a mortgage or by a trustee  under a trust mortgage. The  agency  is  hereby  authorized  to  act  as  trustee or to consent to the appointment of a banking institution to act  in such capacity.

State Codes and Statutes

Statutes > New-york > Pvh > Article-8 > 407

§  407. Participation by certain corporations and individuals. 1.  One  or more banking  institutions,  foundations,  labor  unions,  employers'  associations,  veterans'  organizations,  insurance companies, trustees,  fiduciaries or any combination of the foregoing, shall have the power to  participate and invest, singly or jointly, with a  municipality  or  the  New  York  city  housing  development  corporation in a bond or note and  single participating  mortgage,  or  in  separate  bonds  or  notes  and  mortgages  pursuant  to  and  in  accordance with the provisions of this  article. As used in this section, the terms "trustees" and "fiduciaries"  shall include any fiduciary or fiduciaries holding funds for investment.    2. Banking institutions may exercise such power on such conditions  as  may  be  prescribed by the banking board of the state banking department  and insurance companies may exercise such power only to the  extent  and  on  such  conditions as may be authorized by the state superintendent of  insurance.    3. Where one or more banking institutions, foundations, labor  unions,  employers'  associations,  veterans' organizations, insurance companies,  trustees or fiduciaries participates and invests with a municipality  or  the  New  York  city  housing  development  corporation  as  provided in  subdivision one, the interest of each need not be equal as  to  priority  of lien, interest rate, time or rate of amortization or otherwise.    4.   Where   a  municipality  joins  with  one  or  more  corporations  organizations or individuals of the kind hereinabove mentioned in making  a loan secured  by  a  single  participating  mortgage  or  by  separate  mortgages,  the  municipality may make provision, either in the mortgage  or mortgages or by separate  agreement,  for  the  performance  of  such  services  as  are  generally  performed  by  a  banking  institution  or  insurance company which itself owns and holds a mortgage or by a trustee  under a trust mortgage. The  agency  is  hereby  authorized  to  act  as  trustee or to consent to the appointment of a banking institution to act  in such capacity.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Pvh > Article-8 > 407

§  407. Participation by certain corporations and individuals. 1.  One  or more banking  institutions,  foundations,  labor  unions,  employers'  associations,  veterans'  organizations,  insurance companies, trustees,  fiduciaries or any combination of the foregoing, shall have the power to  participate and invest, singly or jointly, with a  municipality  or  the  New  York  city  housing  development  corporation in a bond or note and  single participating  mortgage,  or  in  separate  bonds  or  notes  and  mortgages  pursuant  to  and  in  accordance with the provisions of this  article. As used in this section, the terms "trustees" and "fiduciaries"  shall include any fiduciary or fiduciaries holding funds for investment.    2. Banking institutions may exercise such power on such conditions  as  may  be  prescribed by the banking board of the state banking department  and insurance companies may exercise such power only to the  extent  and  on  such  conditions as may be authorized by the state superintendent of  insurance.    3. Where one or more banking institutions, foundations, labor  unions,  employers'  associations,  veterans' organizations, insurance companies,  trustees or fiduciaries participates and invests with a municipality  or  the  New  York  city  housing  development  corporation  as  provided in  subdivision one, the interest of each need not be equal as  to  priority  of lien, interest rate, time or rate of amortization or otherwise.    4.   Where   a  municipality  joins  with  one  or  more  corporations  organizations or individuals of the kind hereinabove mentioned in making  a loan secured  by  a  single  participating  mortgage  or  by  separate  mortgages,  the  municipality may make provision, either in the mortgage  or mortgages or by separate  agreement,  for  the  performance  of  such  services  as  are  generally  performed  by  a  banking  institution  or  insurance company which itself owns and holds a mortgage or by a trustee  under a trust mortgage. The  agency  is  hereby  authorized  to  act  as  trustee or to consent to the appointment of a banking institution to act  in such capacity.