NY Not for Profit Corp L § 1607 (2021)
2021 New York Laws NPC - Not-For-Profit Corporation Article 16 - Land Banks 1607 - Powers.

§ 1607. Powers.  (a)   A   land  bank  shall  constitute  a  charitable  not-for-profit corporation under New York law, which powers shall  include  all  powers necessary  to  carry  out  and effectuate the purposes and provisions of this article, including the following powers in addition to those herein otherwise granted:  (1) adopt, amend, and repeal bylaws for the regulation of its  affairs and the conduct of its business;  (2)  sue and be sued in its own name and plead and be impleaded in all civil actions, including, but not limited to, actions to clear title  to property of the land bank;  (3) to adopt a seal and to alter the same at pleasure;  (4)  to  make contracts, give guarantees and incur liabilities, borrow money at such rates of interest as the land bank may determine;  (5) to issue negotiable revenue  bonds  and  notes  according  to  the provisions of this article;  (6)  to  procure insurance or guarantees from the state of New York or federal government of  the  payments  of  any  debts  or  parts  thereof incurred by the land bank, and to pay premiums in connection therewith;  (7)  to  enter  into  contracts and other instruments necessary to the performance of its duties and the exercise of its powers, including, but not limited to, intergovernmental agreements under section  one  hundred nineteen-o of the general municipal law for the joint exercise of powers under this article;  (8)  to  enter  into  contracts and other instruments necessary to the performance of functions by the land bank on behalf of municipalities or agencies  or  departments  of  municipalities,  or  the  performance  by municipalities or agencies or departments of municipalities of functions on behalf of the land bank;  (9)  to  make and execute contracts and other instruments necessary to the exercise of the powers  of  the  land  bank;  and  any  contract  or instrument  when  signed  by  the  chairman or vice-chairman of the land bank, or by an authorized use of their facsimile signatures, and by  the secretary  or  assistant secretary, or, treasurer or assistant treasurer of the land bank, or by an authorized use of their facsimile signatures, shall be held to have been properly executed for and on its behalf;  (10) to procure insurance against losses in connection with  the  real property, assets, or activities of the land bank;  (11)  to invest money of the land bank, at the discretion of the board of directors,  in  instruments,  obligations,  securities,  or  property determined   proper  by  the  board  of  directors,  and  name  and  use depositories for its money;  (12) to enter into contracts for the management of, the collection  of rent from, or the sale of real property of the land bank;  (13)   to   design,   develop,   construct,   demolish,   reconstruct, rehabilitate, renovate, relocate, and otherwise improve real property or rights or interests in real property;  (14) to fix, charge, and collect rents, fees and charges for  the  use of  real property of the land bank and for services provided by the land bank;  (15) to grant or acquire a license, easement, lease (as lessor and  as lessee), or option with respect to real property of the land bank;  (16)   to   enter   into   partnership,   joint  ventures,  and  other collaborative relationships with municipalities  and  other  public  and private   entities  for  the  ownership,  management,  development,  and disposition of real property;  (17) to inventory vacant, abandoned and tax foreclosed properties;  (18) to develop a redevelopment plan to be approved by the foreclosing governmental unit or units;  (19) to be subject to municipal building codes and zoning laws;  (20)  to  enter in agreements with a foreclosing governmental unit for the distribution of revenues to the foreclosing  governmental  unit  and school district;  (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 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 structure. 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 shall be established in  the  form  of  a  New  York  charitable not-for-profit corporation or a New York single member limited liability company. 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 create a subsidiary under this article shall  state  that  the  land  bank is organizing the subsidiary for the purposes set forth in this article and the name of the subsidiary  shall be  reasonably  related  to  the  name of the land bank of which it is a subsidiary. The real property  of  a  subsidiary  organized  under  this article  and  its  income and operations are exempt from all taxation by the state of New York and by any of its political subdivisions; and  (22) to do all other things necessary to achieve  the  objectives  and purposes  of the land bank or other laws that relate to the purposes and responsibility of the land bank.  (b) A land bank shall  neither  possess  nor  exercise  the  power  of eminent domain.