N.Y. Not-for-Profit Corporation Law § 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 forty-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.