Section 88. Surplus

The amount of net earnings transferable to surplus in
  any year after making or providing for the payments specified  in  items
  (a),  (b)  and  (c)  of  subdivision  one of section eighty-five of this
  article shall be subject to the approval of the commissioner. The amount
  of such surplus shall not exceed twelve per centum  of  the  outstanding
  capital and income debentures of the housing company, but the surplus so
  limited  shall  not  be  deemed to include any increase in assets due to
  reduction  of  mortgage  or  amortization  or   similar   payments.   On
  dissolution  of  any  housing  company,  organized as a corporation, the
  shareholders shall in no event receive more than the par value of  their
  shares  plus accumulated, accrued or unpaid dividends at the rate of six
  per centum per annum; on dissolution of a housing company organized as a
  partnership, the partners shall in no event receive more than the  value
  of   their   paid   in  capital  plus  accumulated,  accrued  or  unpaid
  distributions on capital at the rate of six per  centum  per  annum;  on
  termination of a housing company organized as a trust, the beneficiaries
  shall  in  no event receive more than the value of the money or property
  subject to the trust plus accumulated, accrued or  unpaid  distributions
  on  capital  at  the rate of six per centum per annum; on dissolution of
  any housing company income debenture holders shall in no  event  receive
  more   than  the  face  value  of  income  debentures  outstanding  plus
  accumulated, accrued and unpaid interest at the rate of six  per  centum
  per  annum. Any remaining surplus shall be paid into the general fund of
  the state of New York, if the buildings  and  the  improvements  of  the
  project  have  not  received exemption from taxation by the municipality
  pursuant to subdivision three or four of section ninety-three and if the
  company has not received a loan from the municipality, but if  such  tax
  exemption or loan has been received, any remaining surplus shall be paid
  into the general fund of the municipality.