§ 44. Powers of the agency. Except as otherwise limited by this\narticle, the agency shall have power:\n 1. To sue and be sued;\n 2. To have a seal and alter the same at pleasure;\n 3. To make and execute contracts and all other instruments necessary\nor convenient for the exercise of its power and functions under this\narticle;\n 4. To make and alter by-laws for its organization and internal\nmanagement and, subject to agreements with noteholders or bondholders,\nto make rules and regulations governing the use of its property and\nfacilities, which rules and regulations shall be filed with the\ndepartment of state in the manner provided by section one hundred two of\nthe executive law;\n 5. To acquire, hold and dispose of personal property for its corporate\npurposes;\n 6. To appoint officers, agents and employees, prescribe their duties\nand fix their compensation, subject to the provisions of the civil\nservice law and to the rules and regulations of the civil service\ncommission of this state;\n 7. To borrow money and issue negotiable notes, bonds or other\nobligations and to provide for the rights of the holders thereof;\n 8. Subject to any agreements with noteholders or bondholders, to\ninvest any funds held in reserve or sinking funds, including the insured\nmortgage reserve fund and any special revenue housing coverage reserve\nfund or any monies not required for immediate use or disbursement, at\nthe discretion of the agency, in obligations of the state or the United\nStates government or obligations the principal and interest of which are\nguaranteed by the state or the United States government, or in any other\nobligations in which the comptroller of the state of New York is\nauthorized to invest pursuant to section ninety-eight of the state\nfinance law;\n 9. Subject to the approval of the commissioner in the case of mortgage\nloans to other than hospital corporations which are eligible borrowers\nas defined in article twenty-eight-B of the public health law or nursing\nhome companies, non-profit corporations which are eligible borrowers as\ndefined in title five-A of article six of the social services law, or\ncompanies incorporated pursuant to the not-for-profit corporation law\nand article seventy-five of the mental hygiene law, who shall be guided\nby the provisions governing state loans contained in article two of this\nchapter, to make mortgage loans, to participate with the state in making\nmortgage loans and to undertake commitments to make any such mortgage\nloans;\n 9-a. Subject to the approval of the commissioner of social services of\nthe state of New York, to make mortgage loans and to undertake\ncommitments to make mortgage loans to community senior citizens centers\nand services companies under and pursuant to article seven-A of this\nchapter.\n 10. Subject to the approval of the commissioner of housing and\ncommunity renewal, the state commissioner of health, the state\ncommissioner of mental hygiene or the state commissioner of social\nservices, as the case may be, to sell, at public or private sale, any\nmortgage or other obligation securing a mortgage loan made by the\nagency;\n * 10-a. To acquire and to contract to acquire, by assignment or\notherwise, any mortgage securing a loan and any note or bond made by a\nmutual housing company and to modify or satisfy such mortgage, bond or\nnote and accept or make a new mortgage and other instruments for the\npurpose of refinancing the existing indebtedness of such company.\n * NB (Effective pending ruling by Internal Revenue Service)\n 11. (a) In connection with the making or financing the making of\nmortgage loans and commitments therefor, except mortgage loans and\ncommitments made with hospital corporations which are eligible borrowers\nas defined in article twenty-eight-B of the public health law, nursing\nhome companies, non-profit corporations which are eligible borrowers as\ndefined in title five-A of article six of the social serv
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