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Senate Bill S4134

2017-2018 Legislative Session

Relates to land banks

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Archive: Last Bill Status - Stricken

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2017-S4134 (ACTIVE) - Details

Law Section:
Not-for-Profit Corporation Law
Laws Affected:
Amd §1603, N-PC L

2017-S4134 (ACTIVE) - Summary

Increases the number of land banks authorized in this state from twenty to forty.

2017-S4134 (ACTIVE) - Sponsor Memo

2017-S4134 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4134
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             February 3, 2017
                                ___________
 
 Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Corporations,  Authorities
   and Commissions
 
 AN  ACT to amend the not-for-profit corporation law, in relation to land
   banks
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Paragraph (g) of section 1603 of the not-for-profit corpo-
 ration law, as amended by chapter 106 of the laws of 2014, is amended to
 read as follows:
   (g) Nothing in this article shall be construed to authorize the exist-
 ence of more than [twenty] FORTY land banks located in the state at  one
 time,  provided further that each foreclosing governmental unit or units
 proposing to create a land bank shall submit such local  law,  ordinance
 or resolution as required by paragraph (a) of this section, to the urban
 development  corporation, for its review and approval. The creation of a
 land bank shall be conditioned upon approval of  the  urban  development
 corporation.
   § 2. This act shall take effect immediately.
 
 
 
 

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09319-01-7

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