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