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This entry was published on 2014-09-22
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SECTION 253
Incorporation and organization
Private Housing Finance (PVH) CHAPTER 44-B, ARTICLE 6-A
§ 253. Incorporation and organization. Community development
corporations shall be incorporated and organized in the manner provided
in the not-for-profit corporation law for not-for-profit corporations,
except that the certificate of incorporation shall be approved by the
commissioner instead of such approval or approvals as may be required by
the not-for-profit corporation law. In addition to those matters
required to be set forth in the certificate of incorporation by the
not-for-profit corporation law, the certificate shall state:

1. That the real property of the corporation shall not be sold,
transferred, encumbered or assigned except as permitted by the
provisions of this article.

2. That the corporation has been organized exclusively to serve a
civic, cultural or recreational purpose, or any combination thereof, and
that it shall be and remain subject to the supervision and control of
the commissioner.

3. That all income and earnings of the corporation shall be used
exclusively for its corporate purposes.

4. That no part of the net income or net earnings of the corporation
shall inure to the benefit or profit of any private individual, firm or
corporation.