Assembly Bill A7529B

Signed By Governor
2015-2016 Legislative Session

Authorizes holding title of real property of a land bank in the name of a subsidiary

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Archive: Last Bill Status - Signed by Governor

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Votes

Bill Amendments

co-Sponsors

multi-Sponsors

2015-A7529 - Details

See Senate Version of this Bill:
S7589
Law Section:
Not-for-Profit Corporation Law
Laws Affected:
Amd §§1607 & 1609, N-PC L

2015-A7529 - Summary

Authorizes holding title of real property of a land bank in the name of a subsidiary; grants additional powers to land banks.

2015-A7529 - Bill Text download pdf 

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

                                  7529

                       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
  authorizing holding title of real property in the name of a subsidiary

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

  Section 1. Paragraph (a) of section 1609 of the not-for-profit  corpo-
ration  law,  as added by chapter 257 of the laws of 2011, is amended to
read as follows:
  (a) The land bank shall hold in its own name, OR  IN  THE  NAME  OF  A
LAWFULLY  ORGANIZED  SUBSIDIARY,  all real property acquired by the land
bank irrespective of the identity of the transferor of such property.
  S 2. This act shall take effect immediately.







 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10884-01-5

co-Sponsors

multi-Sponsors

2015-A7529A - Details

See Senate Version of this Bill:
S7589
Law Section:
Not-for-Profit Corporation Law
Laws Affected:
Amd §§1607 & 1609, N-PC L

2015-A7529A - Summary

Authorizes holding title of real property of a land bank in the name of a subsidiary; grants additional powers to land banks.

2015-A7529A - Bill Text download pdf 

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

                                 7529--A

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              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:

  Section 1. Paragraph (a) of section 1609 of the not-for-profit  corpo-
ration  law,  as added by chapter 257 of the laws of 2011, is amended to
read as follows:
  (a) The land bank shall hold in its own name, OR  IN  THE  NAME  OF  A
LAWFULLY  ORGANIZED  SUBSIDIARY,  all real property acquired by the land
bank irrespective of the identity of the transferor of such property.
  S 2. 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-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10884-02-6

co-Sponsors

multi-Sponsors

2015-A7529B (ACTIVE) - Details

See Senate Version of this Bill:
S7589
Law Section:
Not-for-Profit Corporation Law
Laws Affected:
Amd §§1607 & 1609, N-PC L

2015-A7529B (ACTIVE) - Summary

Authorizes holding title of real property of a land bank in the name of a subsidiary; grants additional powers to land banks.

2015-A7529B (ACTIVE) - Bill Text download pdf 

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

                                 7529--B

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              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:

  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 ORGANIZE A SUBSIDIARY FOR A PROJECT OR PROJECTS WHICH THE LAND
BANK  HAS THE POWER TO PURSUE UNDER THIS ARTICLE WHEN THE PRIMARY REASON
FOR WHICH THE SUBSIDIARY SHALL BE ORGANIZED SHALL BE TO LIMIT THE POTEN-
TIAL 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.  ALL  REAL  PROPERTY  OF A SUBSIDIARY ORGANIZED UNDER THIS ARTICLE
SHALL BE MAINTAINED ON THE INVENTORY LISTS REQUIRED IN THIS  ARTICLE  OF
THE  LAND BANK OF WHICH IT IS A SUBSIDIARY AND THE SUBSIDIARY SHALL MAKE
ALL REPORTS AND OTHER DISCLOSURES AS ARE REQUIRED OF  LAND  BANKS  UNDER
THIS  ARTICLE  AND  AS 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 ORGANIZED UNDER THIS ARTICLE

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10884-04-6

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