2023 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.