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 Apr. 20, 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
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Accessed:
Apr. 20, 2024

Last modified:
Sep. 22, 2014

§ 37’s source at nysenate​.gov

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