Section 28. Payments from earnings

1. There shall be paid annually out of
  the earnings of the company, after providing for all taxes,  assessments
  and  expenses,  a  sum  for interest on and amortization of the mortgage
  indebtedness of all mortgages of the company, depreciation  charges  and
  reserves if, when and to the extent deemed necessary by the commissioner
  or  the  supervising  agency, as the case may be, plus a dividend of six
  per centum on outstanding stock  and  interest  not  exceeding  six  per
  centum  on  the  outstanding  income  debentures  of  the  company;  the
  obligation in respect of such payments  shall  be  cumulative,  and  any
  deficiency  in  interest,  amortization, depreciation, reserves, if any,
  and dividends in any year shall be paid either  from  any  cash  surplus
  derived from earnings remaining in the treasury of the company in excess
  of  the  amount necessary to provide such cumulative annual sums or from
  the first available earnings in subsequent years. If, at the end of  any
  three  year  period,  the  gross  receipts should exceed the payments or
  charges necessary for the purposes of the project or  projects  and  are
  not  needed  for a sinking fund, reserves or other purposes, the balance
  may be paid in further reduction of any indebtedness to the  extent  and
  upon  terms  and  conditions  approved by the commissioner and the state
  comptroller or by the supervising agency, as the case may be. A  sinking
  fund may be authorized by the commissioner or the supervising agency, to
  purchase  and retire bonds, income debentures or stock of the company at
  a price approved by the commissioner or the supervising agency,  as  the
  case  may  be,  not  exceeding  par value thereof with accrued or unpaid
  dividends or interest or if it be not practical to purchase  such  stock
  or  income  debentures at a price so approved, the money in such sinking
  fund may be added to the surplus of such company. Any  stock  or  income
  debentures  purchased  out  of  such sinking fund shall be cancelled and
  shall not be reissued.
    2. Anything contained in this article to the contrary notwithstanding,
  a company which receives a loan from  the  state,  the  New  York  state
  housing  finance  agency  or  a  municipality after July first, nineteen
  hundred sixty-nine, or a mutual company which has been  duly  authorized
  to  issue  income debentures to finance the modernization or replacement
  of project improvements or the acquisition and  installation  of  energy
  saving equipment and which is otherwise authorized to pay dividends upon
  its  shares  or  interest  upon  its  income  debentures,  may, with the
  approval of the commissioner or the supervising agency as the  case  may
  be,  pay  such  dividends  or  interest  in excess of six per centum per
  annum, but in no event shall any such  rate  exceed  the  interest  rate
  prescribed  by  the  banking board pursuant to section fourteen-a of the
  banking law, provided, however, if the voting stock of a mutual  company
  has  not  been  issued  and delivered to the stock subscribers, then the
  additional authorization of such stock subscribers  is  required  to  be
  obtained by a majority vote.
    3.  No  director  or  officer  of a company shall receive, directly or
  indirectly, any salary, compensation or emolument from such company,  as
  such  director or officer or in any other capacity, unless authorized by
  the commissioner or the supervising agency, as the case may be.