§ 32. Supervision and regulation. The commissioner or the supervising\nagency as the case may be, may:\n 1. Examine a company and keep informed as to its general condition,\nits capitalization and the manner in which its property is constructed,\nacquired, rehabilitated, leased, operated or managed, and to its\ncompliance with all provisions of law and orders of the commissioner or\nthe supervising agency.\n 2. Require every company to file with him or it an annual report\nsetting forth such information as the commissioner or the supervising\nagency may require, verified by the oath of any officer, general manager\nor other person in control of the company. Such report shall be in a\nform, cover a period, and be filed at a time as prescribed by the\ncommissioner or the supervising agency.\n 3. From time to time make, amend and repeal supplementary rules and\nregulations for carrying into effect the provisions of this article\nprovided, however, that such supplementary rules and regulations shall\nbe strictly limited in their application to the means and methods of\ncompliance with the provisions of this article to which such power\nrelates.\n 4. Make such agreements with bondholders, mortgagees or creditors of a\ncompany to do or refrain from doing any act, not inconsistent with law,\nto protect the investment rights of the state of New York, the New York\nstate housing finance agency, the New York city housing development\ncorporation or of the municipality.\n 5 (a) Administer oaths, take affidavits, hear testimony and take proof\nunder oath at public or private hearings; (b) subpoena and require the\nattendance of witnesses and the production of books and papers\npertaining to any investigations and inquiries authorized by this\narticle and examine them in relation to any matter concerning which the\npower to investigate is granted; (c) issue commissions for the\nexamination of witnesses who are out of the state or unable to attend or\nare excused from attendance; (d) investigate into the affairs of a\ncompany and into the dealings, transactions or relationships of such\ncompany with third persons and into the affairs of any person, firm,\ncorporation or other entity having a financial interest, whether direct\nor indirect, in the design, construction, acquisition, reconstruction,\nrehabilitation, improvement, financing or operation of any project\nundertaken by a company; (e) intervene, as a matter of right, in any\naction or proceeding of which notice shall be given affecting the\nproject of a company; (f) take such steps in such action or proceeding\nas may be necessary to protect the public interest.\n With regard to duties and liabilities arising out of this article the\nstate, the commissioner or the supervising agency may be sued in the\nsame manner as a private person. No costs shall be awarded against the\ncommissioner, the state, or the supervising agency, as the case may be,\nin any such litigation.\n 6. In the event of a violation by a company of a provision of the\ncertificate of incorporation or of law or of the loan or mortgage\ncontract or of any rules and regulations duly promulgated pursuant to\nthe provisions of this article, the commissioner or the supervising\nagency, as the case may be, may remove any or all of the existing\ndirectors of the company and appoint such person or persons who the\ncommissioner or the supervising agency, as the case may be, in his or\nits sole discretion deems advisable, including officers or employees of\nthe division of housing and community renewal or the supervising agency,\nas new directors to serve in the places of those removed. Directors so\nappointed need not be shareholders or meet other qualifications which\nmay be prescribed by the certificate of incorporation or by-laws. In the\nabsence of fraud or bad faith, directors so appointed shall not be\npersonally liable for debts, obligations or liabilities of the\ncorporation. Directors so appointed shall serve
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