31-B - Assignment or pledge of tenant cooperator's shares. - New York Statutes

§ 31-b. Assignment or pledge of tenant cooperator's shares. Notwithstanding any other provision of law, a tenant cooperator's shares in a mutual company may be assigned or pledged as collateral for the purpose of securing a loan for the purchase of such shares. The commissioner or supervising agency, as the case may be, shall promulgate regulations which provide that in the event of a default of such loan, such shares may be resold, and the dwelling accommodations represented by such shares may be occupied, only in accordance with the provisions of this article.