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
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