New York Laws
Article 4 - Limited Dividend Housing Companies
80 - Income Debentures.

§ 80. Income debentures. With the approval of the commissioner the
certificate, or an amended certificate, may authorize the issuance of
income debenture certificates bearing no greater interest than six per
centum per annum. In the case of a housing company organized as a
corporation the directors thereof may, with the consent of two-thirds of
the holders of the preferred shares issued and outstanding, offer to the
shareholders of the housing company, the privilege of exchanging their
shares in such quantities and at such times as may be approved by the
commissioner for such income debenture certificates. In no event shall
the amount of shares of the housing company be less than ten per centum
of the total of shares and income debentures.

Structure New York Laws