N.Y. Private Housing Finance Law § 206: Limitations of redevelopment corporations

§ 206. Limitations of redevelopment corporations. No redevelopment

corporation shall:

1. Undertake any clearance, reconstruction, improvement, alteration or

construction in connection with any development until the certificates

of approval required by section two hundred three of this article have

been issued;

2. Change, alter, amend, add to or depart from the development plan

until the planning commission or the supervising agency, as the case may

be, has issued a certificate of approval of that portion of such change,

alteration, amendment, addition or departure relevant to the

determination required to be made by it as set forth in section two

hundred three of this article;

3. After a development has been commenced, sell, transfer or assign

any real property in the development area without first obtaining the

consent of the supervising agency;

4. Undertake more than one development;

5. Pay interest on its income debentures, if any, except out of net

earnings which would have been applicable to the payment of dividends on

its capital stock if there were no such income debentures;

6. Pay as compensation for services to, or enter into contracts for

the payment of compensation for services to, its officers or employees

in an amount greater than the limit thereon contained in the development

plan, or in default thereof, then in an amount greater than the

reasonable value of the services performed or to be performed by such

officers or employees;

7. Lease an entire building or improvement in the development area to

any person or corporation without obtaining the approval of the

supervising agency, which may be withheld only if the lease is being

made for the purpose of evading the provisions of this article;

8. Mortgage any of its real property without obtaining the approval of

the supervising agency;

9. Make any guarantee without obtaining the approval of the

supervising agency;

10. Dissolve without obtaining the approval of the supervising agency,

which may be given upon such conditions as the supervising agency may

deem necessary or appropriate to the protection of the interest of the

city in the proceeds of the sale of the real property acquired by

condemnation as provided in subdivision two of section two hundred five

of this article, such approval to be endorsed on the certificate of

dissolution and such certificate not to be filed in the department of

state in the absence of such endorsement;

11. Reorganize without obtaining the approval of the supervising

agency.