§ 3-04 Housing Company Funds and Bonds.
RCNY § 3-04
(a)Bank accounts. All funds of the housing company shall be deposited in banks or savings and loan associations maintaining an office in the State of New York in accounts which are insured by the Federal Deposit Insurance Corporation or Federal Savings and Loan Insurance Corporation. All bank accounts shall be maintained in the name of the housing company and in a manner and form prescribed by HPD.
(b)Trust funds. All funds received by housing companies shall be held by such companies as trust funds to be applied and used for the purpose of carrying out their obligations under the law.
(c)Fidelity bonds general. Each housing company shall obtain and keep in full force and effect a fidelity bond or bonds covering its signatory officers and such other persons as are authorized to receive or disburse monies on behalf of the company. These bonds shall be in such amounts as HPD may require, shall be drawn in form and substance satisfactory to it and shall have as surety thereunder such company or companies authorized to do business within the State of New York as are approved by HPD.
(d)Fidelity bonds for rental, sales and managing agent. All rentals, sales and managing agents shall be required to deliver to the housing company and to HPD before their employment shall become effective, a fidelity bond covering all officers and employees handling funds of the housing company. The amount, form and substance of such bond shall be subject to approval by both the housing company and HPD.
