Section 31-B. Assignment or pledge of tenant cooperator's shares

Notwithstanding any other provision of law, a tenant cooperator's shares
  in a mutual company may be assigned or pledged  as  collateral  for  the
  purpose  of  securing  a  loan  for  the  purchase of such shares.   The
  commissioner or supervising agency, as the case may be, shall promulgate
  regulations which provide that in the event of a default of  such  loan,
  such  shares  may be resold, and the dwelling accommodations represented
  by such shares may be occupied, only in accordance with  the  provisions
  of this article.