Sec. 28.5. The New York City Community Preservation Corporation

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The limitations and restrictions of Banking Law, section 103(4), shall not apply to collateral trust notes issued by the The New York City Community Preservation Corporation which notes have been issued pursuant to, and have terms substantially similar to those set forth in an indenture that shall have received the prior specific approval of the superintendent or to the mortgages or other liens securing said notes.

                    
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