NY Priv Hous Fin L § 205 (2021)
2021 New York Laws PVH - Private Housing Finance Article 6 - Urban Redevelopment Corporations 205 - Redevelopment Corporations.

§ 205. Redevelopment corporations. 1. Three or more persons may become a  redevelopment  corporation  on making, subscribing, acknowledging and filing in the department of state a certificate pursuant to article four of the business corporation law, which shall be  entitled  and  endorsed "Certificate   of   incorporation  of  ....  Redevelopment  Corporation, pursuant to article four of the business  corporation  law,"  the  blank space being filled in with the remainder of the name of the corporation. Such  certificate  shall  contain  the  provisions  required in, and may contain any provisions consistent with the provisions  of  this  article permitted  in,  a certificate of incorporation filed pursuant to article four of the business corporation law, except that:  (a) Included among the purposes for which the  corporation  is  formed shall  be  the  formulation, obtaining the approval of, and putting into effect of a development plan, the acquisition  of  real  property  in  a development  area,  and the construction, maintenance and operation of a development pursuant to this article;  (b) The duration of the corporation shall be perpetual;  (c) The certificate may provide for the issuance of income debentures, in which case the holders of such debentures may be allowed such  voting rights as shall be specified therein;  (d) The certificate shall contain a declaration that the redevelopment corporation  has  been  organized to serve a public purpose, and that it shall be subject to supervision and control as provided in this article. A copy of such certificate shall be filed with the  planning  commission and  the  supervising  agency having jurisdiction within ten days of its being filed in the department of state.   2.  If  a  redevelopment  corporation  shall  not  have  obtained  the certificates of approval of its development plan required by section two hundred  three  of  this  article  within twelve months of the date upon which it became a redevelopment corporation, or shall not  substantially comply  with  the  development  plan  within  the  time  limit  for  the completion of each stage thereof as therein  stated,  reasonable  delays caused  by  unforseen difficulties excepted, then upon the filing in the department of state of a certified  copy  of  the  order  of  the  court establishing such failure to obtain such certificate or substantially so to  comply,  obtained  pursuant  to section two hundred thirteen of this article, such redevelopment corporation shall cease to have the  special rights,  powers  and privileges granted to, or be subject to the special duties,  liabilities  and  restrictions  imposed  upon  a  redevelopment corporation  by  this  article,  and shall thereafter change its name to remove the word "Redevelopment" therefrom. In such event, however,  such corporation   may   thereafter  continue  in  existence  as  a  business corporation, subject to the business corporation law. In the event  that a  certified  copy  of  such  order shall be so filed, all real property acquired by or for such redevelopment corporation by condemnation  shall be  disposed  of,  either  alone  or in conjunction with additional real property not so acquired, within a reasonable time by  bona  fide  sale. All  amounts  received  by  the  redevelopment corporation for such real property in excess of an amount equal to that portion of the development cost allocable to the real property being disposed of, shall be paid  to the city.   3.  No  corporation  now  organized  under the laws of the state shall change its name to a name, and no such corporation  hereafter  organized shall  have  a  name,  containing  the  word  "redevelopment"  as a part thereof, unless and until such corporation is or becomes a redevelopment corporation. No foreign corporation now authorized to do business in the state shall change its name to a name, and  no  such  corporation  shall  hereafter  be  authorized  to  do  business  in  the  state with a name, containing the word "redevelopment" as a part thereof.