NY Priv Hous Fin L § 120 (2021)
2021 New York Laws PVH - Private Housing Finance Article 5 - Redevelopment Companies 120 - Regulation of Redevelopment Companies.

§  120.  Regulation of redevelopment companies. The supervising agency   shall:Examine each redevelopment company and keep informed as to its general   condition, its capitalization and the manner in which  its  property  is   constructed,  leased, operated or managed with respect to its compliance   with all provisions of law and orders of the supervising agency.The supervising agency may:1.  Either  itself  or  through  its  inspectors  or  employees   duly   authorized  by it, enter in or upon and inspect the property, equipment,   buildings, plants, offices, apparatus and devices of  any  redevelopment   company;  examine all books, contracts, records, documents and papers of   any redevelopment  company  and  by  subpoena  duces  tecum  compel  the   production thereof.2.  In  its discretion, prescribe uniform methods and forms of keeping   accounts, records and books to be observed by  redevelopment  companies,   and  after  a hearing to prescribe by order accounts in which particular   outlays and receipts shall be entered, charged or credited.3. Require specific answers to questions  upon  which  it  may  desire   information  and  require  the  filing  of periodic reports in the form,   covering the period, and at the time prescribed by it.4. In the event of a violation by a company of any  provision  of  its   certificate  or of law or any rules and regulations promulgated pursuant   to the provisions of  this  article,  the  supervising  agency  may,  by   written  notice  to all of the directors, partners, members or trustees,   as the case  may  be,  of  a  company,  at  their  last  known  address,   specifying  the  reasons  therefor,  advise  such  directors,  partners,   members or trustees, as the case may be, of its intention to remove  any   or  all of the existing directors or to appoint a manager or managers of   the  limited  liability  company,  partnership  or   trust   who   shall   exclusively  exercise  all  of  the  powers of such partners, members or   trustees, as the case may be, for the duration  of  the  appointment  of   such manager or managers.  A copy of any such notices shall be mailed to   the  mortgagee of record.  In the event that the company fails to comply   with the requirements of the supervising agency within thirty days  from   date of mailing of said written notice, the supervising agency may, with   the  written approval of the mortgagee and without further notice to the   company or to its directors, partners, members or trustees, as the  case   may  be,  remove  such  directors in the case of a redevelopment company   which is a corporation or any of  them  from  office  and  appoint  such   person  or  persons  as  the supervising agency, in its sole discretion,   deems advisable, including officers  or  employees  of  the  supervising   agency,  as  new  directors  to serve in the places of those removed, or   appoint such manager or managers in the case of a redevelopment  company   which  is  a  partnership, limited liability company or trust, who shall   exclusively exercise all of the powers  of  such  partners,  members  or   trustees,  as  the case may be.  Directors or managers so appointed need   not meet qualifications which may  be  prescribed  by  the  certificate,   by-laws,  partnership  agreement,  articles of organization or operating   agreement of the limited liability  companies  or  trust  agreement,  or   other  rules  or regulations of the company.  In the absence of fraud or   bad faith directors or managers so appointed  shall  not  be  personally   liable  for  debts, obligations or liabilities of the company. Directors   or managers so appointed shall serve only for a period  coexistent  with   the  duration  of  such  violation  or  until  the supervising agency is   assured, in a manner satisfactory to it, against violations of a similar   nature.   Officers or  employees  of  the  supervising  agency  who  are   appointed  as  such  directors  or managers shall serve in such capacity   without compensation.