9 CRR-NY 1728-2.9NY-CRR
STATE COMPILATION OF CODES, RULES AND REGULATIONS OF THE STATE OF NEW YORK
TITLE 9. EXECUTIVE DEPARTMENT
SUBTITLE S. DIVISION OF HOUSING AND COMMUNITY RENEWAL
CHAPTER IV. STATE-ASSISTED HOUSING CONSTRUCTED BY PRIVATE ENTERPRISE
SUBCHAPTER C. HOUSING COMPANY MANAGEMENT
PART 1728. BUDGET AND FISCAL
SUBPART 1728-2. ACCOUNTING AND FINANCIAL
9 CRR-NY 1728-2.9
9 CRR-NY 1728-2.9
1728-2.9 Reserves, sinking fund, net earnings and surplus accounts.
(a) Unless otherwise permitted by the division, each housing company shall set aside out of earnings a reserve for painting and decorating in amounts approved by the division.
(b) Each housing company shall set aside reserves for replacement in the amount to be approved by the division.
(c) All reserves established out of earnings shall be segregated from earned surplus on the balance sheet. The equivalent in cash shall also be segregated from operating funds on the balance sheet, and shall be maintained in separate bank accounts.
(d) All reserve and administrative funds, of whatever nature, not required currently, shall be invested in such securities as are approved by the division.
(e) No housing company shall enter into any agreement modifying or extending the terms of any mortgage on a project, or make any prepayments on account of any such mortgage, without first obtaining the written consent of the division.
(f) Before setting up a sinking fund for the retirement of income debentures and stock, the corporation must obtain the prior written consent of the division.
(g) Surplus shall be disposed of only in accordance with the provisions of article IV of the Private Housing Finance Law.
9 CRR-NY 1728-2.9
Current through September 15, 2021
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IMPORTANT NOTE REGARDING CONTENT CURRENCY: The "Current through" date indicated immediately above is the date of the most recently produced official NYCRR supplement covering this rule section. For later updates to this section, if any, please: consult editions of the NYS Register published after this date; or contact the NYS Department of State Division of Administrative Rules at [email protected]. See Help for additional information on the currency of this unofficial version of NYS Rules.