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

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

---

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-Amended.html

---

                STATE OF NEW YORK
        ________________________________________________________________________
                                         7529--A
                               2015-2016 Regular Sessions
                   IN ASSEMBLY
                                      May 15, 2015
                                       ___________
        Introduced by M. of A. MAGNARELLI, LUPARDO, McDONALD, CRESPO, GOTTFRIED,
          FAHY,  SKARTADOS  -- Multi-Sponsored by -- M. of A. MAGEE -- read once
          and referred to the Committee on Local Governments --  recommitted  to
          the Committee on Local Governments in accordance with Assembly Rule 3,
          sec.  2  --  committee  discharged, bill amended, ordered reprinted as
          amended and recommitted to said committee
        AN ACT to amend the not-for-profit corporation law, in relation  to  the
          powers of a land bank
          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    § 2. Clauses 20 and 21 of paragraph (a) of section 1607  of  the  not-
     8  for-profit corporation law, as added by chapter 257 of the laws of 2011,
     9  are amended to read as follows:
    10    (20)  to  enter in agreements with a foreclosing governmental unit for
    11  the distribution of revenues to the foreclosing  governmental  unit  and
    12  school district; [and]
    13    (21) to lend money, to make grants and take and hold real and personal
    14  property  as  security  for  the  payment  of funds so loaned or for the
    15  performance and enforcement of grant agreements;
    16    (22) to organize a subsidiary for a project or projects which the land
    17  bank has the power to pursue hereunder when the primary reason for which
    18  the subsidiary shall be  organized  shall  be  to  limit  the  potential
    19  liability  impact  of  the  subsidiary's project or projects on the land
    20  bank or because state or federal law requires  that  the  purpose  of  a
    21  subsidiary be undertaken through a specific corporate or business struc-
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10884-02-6