New York Laws
Article 2 - Limited-Profit Housing Companies
24 - Income Debentures.

§ 24. Income debentures. 1. With the approval of the supervising
agency or of the commissioner, as the case may be, the certificate of
incorporation, or an amended certificate may authorize the issuance of
income debentures bearing no greater interest than six per centum per
annum except as otherwise provided in this article. After the
incorporation of a company, the directors thereof may, with the consent
of two-thirds of the holders of the preferred stock issued and
outstanding offer to the stockholders of the company, the privilege of
exchanging their stock in such quantities and at such times as may be
approved by the supervising agency or the commissioner, as the case may
be, for such income debentures. In no event, shall the amount of stock
of the company be less than a per centum of the total of stock and
income debentures, to be fixed by the supervising agency or by the
commissioner, as the case may be.

2. Such income debentures and any instrument under which they are
issued may contain such other provisions, including provision for
amortization by serial maturities, through the operation of a sinking
fund or otherwise, as may be approved by the supervising agency or by
the commissioner, as the case may be.

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