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Assembly Bill A7530

2015-2016 Legislative Session

Grants additional powers to land banks

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Archive: Last Bill Status - In Assembly Committee

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2015-A7530 (ACTIVE) - Details

Current Committee:
Assembly Local Governments
Law Section:
Not-for-Profit Corporation Law
Laws Affected:
Amd ยง1607, N-PC L

2015-A7530 (ACTIVE) - Summary

Grants additional powers to land banks; authorizes land banks to lend money, make grants and hold real and personal property security for the payments of funds so loaned; further authorizes land banks the power to organize a subsidiary for a project or projects to limit the potential liability of such subsidiary's project.

2015-A7530 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7530

                       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
  granting additional powers to a land bank

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Clauses 20 and 21 of paragraph (a) of section 1607  of  the
not-for-profit  corporation  law, as added by chapter 257 of the laws of
2011, are amended to read as follows:
  (20) to enter in agreements with a foreclosing governmental  unit  for
the  distribution  of  revenues to the foreclosing governmental unit and
school district; [and]
  (21) TO LEND MONEY, TO MAKE GRANTS AND TAKE AND HOLD REAL AND PERSONAL
PROPERTY AS SECURITY FOR THE PAYMENT OF  FUNDS  SO  LOANED  OR  FOR  THE
PERFORMANCE AND ENFORCEMENT OF GRANT AGREEMENTS;
  (22) TO ORGANIZE A SUBSIDIARY FOR A PROJECT OR PROJECTS WHICH THE LAND
BANK HAS THE POWER TO PURSUE HEREUNDER WHEN THE PRIMARY REASON FOR WHICH
THE  SUBSIDIARY  SHALL  BE  ORGANIZED  SHALL  BE  TO LIMIT THE POTENTIAL
LIABILITY IMPACT OF THE SUBSIDIARY'S PROJECT OR  PROJECTS  ON  THE  LAND
BANK  OR  BECAUSE  STATE  OR  FEDERAL LAW REQUIRES THAT THE PURPOSE OF A
SUBSIDIARY BE UNDERTAKEN THROUGH A SPECIFIC CORPORATE OR BUSINESS STRUC-
TURE AND AS LONG AS THE SUBSIDIARY CORPORATION SHALL  MAKE  THE  REPORTS
AND  OTHER  DISCLOSURES  AS  ARE  REQUIRED  OF LOCAL PUBLIC AUTHORITIES,
UNLESS THE SUBSIDIARY'S OPERATIONS AND FINANCES  ARE  CONSOLIDATED  WITH
THOSE  OF  THE LAND BANK OF WHICH IT IS A SUBSIDIARY. SUBSIDIARIES SHALL
NOT HAVE THE AUTHORITY TO ISSUE BONDS, NOTES OR OTHER  DEBTS,  PROVIDED,
HOWEVER,  THAT  SUCH  SUBSIDIARIES  MAY ISSUE NOTES OR OTHER DEBT TO THE
LAND BANK OF WHICH IT IS  A  SUBSIDIARY.  THE  ORGANIZATIONAL  DOCUMENTS
FILED  TO ORGANIZE A SUBSIDIARY HEREUNDER SHALL STATE THAT THE LAND BANK
IS ORGANIZING THE SUBSIDIARY; AND

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10882-01-5

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