N.Y. Urban Development Corporation Act 174/68 § 12: Subsidiaries: how created

§ 12. Subsidiaries: how created. (1) The corporation shall have the

right to exercise and perform its powers and functions through one or

more subsidiary corporations. The corporation by resolution may direct

any of its directors, officers or employees to organize a subsidiary

corporation pursuant to either the business corporation law, the

not-for-profit corporation law or articles two, four or eleven of the

private housing finance law. Such resolution shall prescribe the

purposes for which such subsidiary corporation is to be formed.

Such corporation shall be deemed a subsidiary corporation whenever and

so long as (i) more than half of any voting shares of such subsidiary

are owned or held by the corporation, or (ii) a majority of the

directors, trustees or members of such subsidiary are designees of the

corporation.

(2) The corporation may transfer to any subsidiary corporation any

moneys, real or personal or mixed property or any project in order to

carry out the purposes of this act. Each such subsidiary corporation

shall have all the privileges, immunities, tax exemptions and other

exemptions of the corporation to the extent the same are not

inconsistent with the statute or statutes pursuant to which such

subsidiary was incorporated.

(3) Notwithstanding any provision of this act to the contrary, the

superintendent of financial services and the chairman of the New York

state science and technology foundation shall not serve as a director,

trustee or member of any such subsidiary corporation.

(4) No officer or director of the corporation shall receive any

additional compensation, either direct or indirect, other than

reimbursement for actual and necessary expenses incurred in the

performance of his duties, by reason of his serving as a member,

director, or trustee of any subsidiary corporation.