N.Y. Private Housing Finance Law Section 37
Separability clause


1.

Except as specifically provided in this article, nothing contained therein shall be deemed to limit or restrict any power or authority granted to banking institutions, foundations, labor unions, veterans’ organizations, or insurance companies or to any other corporation or to any fiduciary by any other provision of law heretofore or hereafter enacted.

2.

If any clause, sentence, paragraph, section or part of this article shall be adjudged by any court of competent jurisdiction to be invalid such judgment shall not affect, impair or invalidate the remainder thereof, but shall be confined in its operation to the clause, sentence, paragraph, section or part thereof directly involved in the controversy in which such judgment shall have been rendered.

Source: Section 37 — Separability clause, https://www.­nysenate.­gov/legislation/laws/PVH/37 (updated Sep. 22, 2014; accessed Jun. 15, 2024).

10
Short title
11
Policy and purposes of article
11‑A
Additional policy and purposes of article
12
Definitions
13
Limited-profit housing companies
13‑A
The applicability of not-for-profit corporation law
13‑B
Verification of papers filed with supervising agency
13‑C
Voting, election and referendum procedures
14
Consent of commissioner to incorporation
15
Participation by certain corporations and individuals
16
Limited-profit housing companies
17
Powers
18
Designation of and service of process on secretary of state and registered agent
19
Consideration for issuance of stock, bonds or income debentures
20
Mortgages, mortgage bonds and notes
21
Capital structure
22
State loans
22‑A
Redevelopment loans
22‑B
Loans for state-aided limited-profit housing companies
23
Municipal loans and municipally aided projects
23‑A
Mortgage modifications, evidence of pre-existing indebtedness
23‑B
Participation in loan or investment
23‑C
Mortgage modifications
24
Income debentures
25
Working capital
26
Conditions and security for loans
26‑A
Findings for municipally-aided projects
26‑B
Special provisions with respect to state urban development corporation projects
26‑C
Special provisions with respect to Battery Park city projects
27
Limitations
28
Payments from earnings
29
Acquisition of property
30
Transfer of real property
31
Rentals and selection of tenants
31‑A
Resale price of shares
31‑B
Assignment or pledge of tenant cooperator’s shares
31‑C
Tenant-cooperators
32
Supervision and regulation
32‑A
Additional supervision and regulation
32‑B
Annual reports
33
Tax exemptions
34
Foreclosure and judgments
35
Voluntary dissolution
35‑A
Requirements regarding dissolution
36
Sale of project prior to termination of tax exemption
36‑A
Additional powers of municipalities
37
Separability clause

Accessed:
Jun. 15, 2024

Last modified:
Sep. 22, 2014

§ 37’s source at nysenate​.gov

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