Bill Text: NY A07529 | 2015-2016 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Authorizes holding title of real property of a land bank in the name of a subsidiary; grants additional powers to land banks.

Spectrum: Partisan Bill (Democrat 9-0)

Status: (Passed) 2016-09-29 - signed chap.338 [A07529 Detail]

Download: New_York-2015-A07529-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7529
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                     May 15, 2015
                                      ___________
       Introduced  by  M.  of  A.  MAGNARELLI  -- read once and referred to the
         Committee on Local Governments
       AN ACT to amend the  not-for-profit  corporation  law,  in  relation  to
         authorizing holding title of real property in the name of a subsidiary
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Paragraph (a) of section 1609 of the not-for-profit  corpo-
    2  ration  law,  as added by chapter 257 of the laws of 2011, is amended to
    3  read as follows:
    4    (a) The land bank shall hold in its own name, OR  IN  THE  NAME  OF  A
    5  LAWFULLY  ORGANIZED  SUBSIDIARY,  all real property acquired by the land
    6  bank irrespective of the identity of the transferor of such property.
    7    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD10884-01-5