N.Y. Not-for-Profit Corporation Law § 1613: Dissolution of land bank

§ 1613. Dissolution of land bank.

A land bank may be dissolved as a charitable not-for-profit

corporation sixty calendar days after an affirmative resolution approved

by two-thirds of the membership of the board of directors. Sixty

calendar days advance written notice of consideration of a resolution of

dissolution shall be given to the foreclosing governmental unit or units

that created the land bank, shall be published in a local newspaper of

general circulation, and posted prominently and continuously on the

homepage of any website maintained by the land bank, and shall be sent

certified mail to the trustee of any outstanding bonds of the land bank.

Upon dissolution of the land bank all real property, personal property

and other assets of the land bank shall become the assets of the

foreclosing governmental unit or units that created the land bank. In

the event that two or more foreclosing governmental units create a land

bank in accordance with section sixteen hundred three of this article,

the withdrawal of one or more foreclosing governmental units shall not

result in the dissolution of the land bank unless the intergovernmental

agreement so provides, and there is no foreclosing governmental unit

that desires to continue the existence of the land bank.