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.
New York Legal Code