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