|SAME AS||SAME AS S07589-B|
|COSPNSR||Lupardo, McDonald, Crespo, Gottfried, Fahy, Skartados, Hunter|
|Amd §§1607 & 1609, N-PC L|
|Authorizes holding title of real property of a land bank in the name of a subsidiary; grants additional powers to land banks.|
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STATE OF NEW YORK ________________________________________________________________________ 7529--B 2015-2016 Regular Sessions IN ASSEMBLY May 15, 2015 ___________ Introduced by M. of A. MAGNARELLI, LUPARDO, McDONALD, CRESPO, GOTTFRIED, FAHY, SKARTADOS, HUNTER -- Multi-Sponsored by -- M. of A. MAGEE -- read once and referred to the Committee on Local Governments -- recom- mitted to the Committee on Local Governments in accordance with Assem- bly Rule 3, sec. 2 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- again reported from said committee with amendments, 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. Clauses 20 and 21 of paragraph (a) of section 1607 of the 2 not-for-profit corporation law, as added by chapter 257 of the laws of 3 2011, are amended to read as follows: 4 (20) to enter in agreements with a foreclosing governmental unit for 5 the distribution of revenues to the foreclosing governmental unit and 6 school district; [ and] 7 (21) to organize a subsidiary for a project or projects which the land 8 bank has the power to pursue under this article when the primary reason 9 for which the subsidiary shall be organized shall be to limit the poten- 10 tial liability impact of the subsidiary's project or projects on the 11 land bank or because state or federal law requires that the purpose of a 12 subsidiary be undertaken through a specific corporate or business struc- 13 ture. All real property of a subsidiary organized under this article 14 shall be maintained on the inventory lists required in this article of 15 the land bank of which it is a subsidiary and the subsidiary shall make 16 all reports and other disclosures as are required of land banks under 17 this article and as local public authorities, unless the subsidiary's 18 operations and finances are consolidated with those of the land bank of 19 which it is a subsidiary. Subsidiaries organized under this article EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10884-04-6A. 7529--B 2 1 shall be established in the form of a New York charitable not-for-profit 2 corporation or a New York single member limited liability company. 3 Subsidiaries shall not have the authority to issue bonds, notes or other 4 debts, provided, however, that such subsidiaries may issue notes or 5 other debt to the land bank of which it is a subsidiary. The organiza- 6 tional documents filed to create a subsidiary under this article shall 7 state that the land bank is organizing the subsidiary for the purposes 8 set forth in this article and the name of the subsidiary shall be 9 reasonably related to the name of the land bank of which it is a subsid- 10 iary. The real property of a subsidiary organized under this article and 11 its income and operations are exempt from all taxation by the state of 12 New York and by any of its political subdivisions; and 13 (22) to do all other things necessary to achieve the objectives and 14 purposes of the land bank or other laws that relate to the purposes and 15 responsibility of the land bank. 16 § 2. Paragraph (a) of section 1609 of the not-for-profit corporation 17 law, as added by chapter 257 of the laws of 2011, is amended to read as 18 follows: 19 (a) The land bank shall hold in its own name, or in the name of a 20 lawfully organized subsidiary, all real property acquired by the land 21 bank irrespective of the identity of the transferor of such property. 22 § 3. This act shall take effect immediately.