NY Not for Profit Corp L § 1603 (2021)
2021 New York Laws NPC - Not-For-Profit Corporation Article 16 - Land Banks 1603 - Creation and Existence.

§ 1603. Creation and existence.  (a)  Any  foreclosing  governmental unit may create a land bank by the adoption of a local law, ordinance, or resolution as appropriate to such foreclosing governmental unit which action specifies the following:  (1) the name of the land bank;  (2) the number of members of  the  board  of  directors,  which  shall consist  of  an  odd  number of members, and shall be not less than five members nor more than fifteen members;  (3) the initial individuals to  serve  as  members  of  the  board  of directors, and the length of terms for which they are to serve;  (4)  the qualifications, manner of selection or appointment, and terms of office of members of the board; and  (5) the articles of incorporation for the land bank,  which  shall  be filed  with the secretary of state in accordance with the procedures set forth in this chapter.  (b) Two or more foreclosing  governmental  units  may  enter  into  an intergovernmental cooperation agreement which creates a single land bank to act on behalf of such foreclosing governmental units, which agreement shall  be  authorized  by  and  be  in accordance with the provisions of paragraph (a) of this section. Such  intergovernmental  agreement  shall include provisions for dissolution of such land bank.  (c)  Any foreclosing governmental units and any municipality may enter into an intergovernmental cooperation agreement which creates  a  single land  bank  to  act  on  behalf of such foreclosing governmental unit or units and municipality, which agreement shall be authorized by and be in accordance with the provisions of paragraph (a) of  this  section.  Such intergovernmental  agreement shall include provisions for dissolution of such land bank.  (d) Except when a land bank is created pursuant to  paragraph  (b)  or (c)  of  this  section,  in the event a county creates a land bank, such land bank shall have the power to acquire real property  only  in  those portions  of  such county located outside of the geographical boundaries of any other land bank created by  any  other  foreclosing  governmental unit located partially or entirely within such county.  (e)  A  school  district may participate in a land bank pursuant to an intergovernmental   cooperation   agreement   with    the    foreclosing governmental  unit  or  units that create the land bank, which agreement shall specify the membership, if any, of such  school  district  on  the board  of  directors  of  the land bank, or the actions of the land bank which are subject to approval by the school district.  (f) Each land bank created pursuant to this act shall be a  charitable corporation,  and  shall  have  permanent  and  perpetual duration until terminated and dissolved in accordance with the  provisions  of  section sixteen hundred thirteen of this article.  (g)  Nothing  in  this  article  shall  be  construed to authorize the existence of more than thirty-five 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.  (h)  The  office  of the state comptroller shall have the authority to audit any land bank pursuant to this article.