New York § 76 - 76Limited return on capital and debentures
Full text of New York New York Consolidated Laws § 76 — 76Limited return on capital and debentures, with citation guidance and answers to common questions.
§ 76. 76Limited return on capital and debentures
§ 76. Limited return on capital and debentures. No shareholder, partner or beneficiary of a trust having an interest vested in possession in any housing company formed hereunder shall receive any distribution on capital in any one year in excess of six per centum per annum except that when in any preceding year distributions in the amount prescribed in the certificate shall not have been paid on the said capital, the shareholders, partners or beneficiaries, as the case may be, may be paid such deficiency without interest out of any surplus earned in any succeeding years. This provision shall likewise be applicable to income debenture certificates and interest thereon at the rate specified in such certificates shall be cumulative.
Source: official New York text · Last verified 2026-08-27
Frequently Asked Questions About New York § 76
What does New York Consolidated Laws § 76 cover?
Section 76 ("76Limited return on capital and debentures") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 76?
A common citation format is "New York Consolidated Laws § 76" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 76 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.