Section 17. Powers

1. Subject to the limitations of this article, a company
  heretofore  or  hereafter  organized  under  this chapter shall have the
  powers and be subject to  the  limitations  contained  in  the  business
  corporation  law  or the not-for-profit corporation law, as the case may
  be, and shall have the following additional specific powers:
    (a) To make and execute contracts and other instruments  necessary  or
  convenient in the exercise of its powers;
    (b)  To  acquire  or  contract  to  acquire  from  any  person,  firm,
  corporation, municipality, federal or state agency, by grant,  purchase,
  condemnation  or otherwise, leaseholds, real, personal or mixed property
  or any interest  therein,  and  to  sell,  assign,  exchange,  transfer,
  mortgage or encumber the same;
    (c)  To  own,  hold,  clear  and improve, leasehold, real, personal or
  mixed property or any interest therein;
    (d) To construct, reconstruct, rehabilitate, improve, alter or  repair
  or provide for the construction, reconstruction, improvement, alteration
  or repair of any project;
    (e) To lease or rent any of the housing or other accommodations or any
  of  the  lands,  buildings,  structures  or  facilities  embraced in any
  project and establish and revise the rents or charges  therefor;  or  to
  purchase  or  lease  a  project  or  a  part  thereof from an authority,
  pursuant to the provisions of section fifty-eight or article twelve-b of
  this chapter.
    (f) To arrange or contract  with  a  municipality  for  the  planning,
  replanning,  opening,  grading  or  closing of streets, roads, roadways,
  alleys or other places or for the furnishing of facilities  or  for  the
  acquisition  by a municipality of property or property rights or for the
  furnishing of property or services in connection with a project;
    (g) To insure  or  provide  for  the  insurance  of  its  property  or
  operations  as  required  by law and also against such other risks as it
  may deem advisable;
    (h) To limit by contract the exercise of any of its powers;
    (i) To invest any funds held in reserves  or  sinking  funds,  or  any
  funds  not required for immediate disbursement in property or securities
  in which savings  banks  may  legally  invest  funds  subject  to  their
  control;
    (j) To sue and be sued;
    (k) To have a seal and alter the same at pleasure;
    (l)  To make and from time to time amend and repeal by-laws, rules and
  regulations not inconsistent with the provisions of this article;
    (m) To sell, lease, or otherwise convey all or any part of  a  project
  to  an  authority upon such terms and conditions as shall have the prior
  approval of the commissioner or the supervising agency, as the case  may
  be;
    (n)  A  non-profit company incorporated pursuant to the not-for-profit
  corporation law and this article for the purpose  of  providing  housing
  and auxiliary facilities for staff members, employees or students of any
  college,   university,   hospital,  child  care  institution  and  their
  immediate families; for aged or handicapped persons of low income or for
  any one of the above purposes, may, with the prior  written  consent  of
  the  commissioner  or  the supervising agency, as the case may be, lease
  its  project  or  any  part  thereof  to  any  colleges,   universities,
  hospitals,  child  care  institutions  or not-for-profit corporations. A
  lessee of a project may sublease all or  any  part  of  the  project  to
  institutions  and not-for-profit corporations which would be an eligible
  sponsor pursuant to the provisions of this chapter and to staff members,
  employees, and students of any college, university, hospital, child care
  institution, and to aged and handicapped  persons  of  low  income.  Any

  property  so  leased or subleased shall remain subject to the provisions
  of this article and to the rules and regulations of the commissioner, or
  supervising agency, as the case may be.  A  lease  or  sublease  of  the
  entire project may provide for the assumption by the lessee or sublessee
  of the management and control of the project, and all of the obligations
  thereof,  as well as the right to collect all revenues accruing thereto.
  In any event, the lessee shall pay rental in an amount at least equal to
  the interest and amortization due upon the mortgage of the  property  so
  leased.
    (o) To lease to any authority, or to a municipality in connection with
  any  federally-aided  program  to  provide  dwelling  accommodations for
  persons of low income, one or more dwelling units in a project upon such
  terms and conditions as shall have the prior  written  approval  of  the
  commissioner or the supervising agency, as the case may be.
    (p)  To  lease, with or without an option to purchase, all or any part
  of a project to any person, firm,  partnership,  trust  or  corporation,
  subject  to  the  prior  written  consent  of  the  commissioner  or the
  supervising agency, as the case may be. Any  property  so  leased  shall
  remain  subject  to  the provisions of this article and to the rules and
  regulations of the commissioner or the supervising agency, as  the  case
  may  be.  Such lease may provide for the assumption by the lessee of the
  management and control of the project, as  well  as  the  right  of  the
  lessee to collect all revenues accruing thereto.
    To  do  all  other  things  necessary  or  convenient to carry out its
  powers.
    2. A company shall file  with  the  commissioner  or  the  supervising
  agency,  as  the  case may be, a copy of any by-laws, rules, regulations
  and amendments thereto adopted by it from  time  to  time,  which  shall
  become effective upon approval by the commissioner or by the supervising
  agency;  provided,  however, that if the commissioner or the supervising
  agency shall fail to approve or disapprove such proposed by-laws  within
  three months after such filing, such by-laws shall become effective upon
  the  expiration  of  such  three  month  period.  These  by-laws, rules,
  regulations and amendments shall contain such provisions relating to the
  management of its business, the regulation of its affairs,  the  calling
  of  meetings,  the manner of selection of officers and trustees and such
  other provisions as may be reasonable and necessary.
    3. Notwithstanding the provisions of any law, general  or  special,  a
  mutual  company  may,  with  the  approval  of  the  commissioner or the
  supervising agency, as the case may be,  require  a  standard  form  and
  procedure  for  the casting of proxies or absentee ballots in any matter
  requiring a shareholder vote.