N.Y. Private Housing Finance Law § 253: Incorporation and organization

§ 253. Incorporation and organization. Community development

corporations shall be incorporated and organized in the manner provided

in the not-for-profit corporation law for not-for-profit corporations,

except that the certificate of incorporation shall be approved by the

commissioner instead of such approval or approvals as may be required by

the not-for-profit corporation law. In addition to those matters

required to be set forth in the certificate of incorporation by the

not-for-profit corporation law, the certificate shall state:

1. That the real property of the corporation shall not be sold,

transferred, encumbered or assigned except as permitted by the

provisions of this article.

2. That the corporation has been organized exclusively to serve a

civic, cultural or recreational purpose, or any combination thereof, and

that it shall be and remain subject to the supervision and control of

the commissioner.

3. That all income and earnings of the corporation shall be used

exclusively for its corporate purposes.

4. That no part of the net income or net earnings of the corporation

shall inure to the benefit or profit of any private individual, firm or

corporation.