N.Y. Urban development research corporation act 173/68 § 7: Powers and limitations

§ 7. Powers and limitations. (1) In addition to the powers granted by

the business corporation law and except as otherwise limited by this act

the corporation shall have power:

(a) to provide advisory, consultative, training and educational

services, technical assistance and advice to any person, firm,

partnership or corporation, either public or private.

(b) to acquire, construct, reconstruct, rehabilitate, improve, alter

or repair, or provide for the acquisition, construction, reconstruction,

improvement, alteration or repair of any project.

(c) to sell, lease, exchange, mortgage, donate or convey any project

and to grant options to renew any leases entered into in connection with

any project.

(d) to create subsidiaries pursuant to the provisions of the business

corporation law, not-for-profit corporation law or articles two, four,

five or eleven of the private housing finance law, as provided in

section nine of this act.

(e) to lend or donate monies, whether secured or unsecured to any

subsidiary, and to purchase the shares, bonds, or obligations or

securities of such subsidiary.

(f) as security for the payment of the principal of and interest on

any bonds issued by the corporation and any agreements made in

connection therewith, to mortgage and pledge any or all of its projects

or any part or parts thereof, whether then owned or thereafter acquired,

and to pledge the revenues and receipts therefrom or from any thereof,

and to assign or pledge the lease or leases on any portion or all of

said projects and to assign or pledge the income received by virtue of

said lease or leases.

(g) to do any and all things necessary or convenient to carry out its

purposes and exercise the powers given and granted under this act, or

under any other law, special, general or local.

(2) No part of the net earnings of the corporation shall inure to the

benefit of any individual and no member, employee, director or officer

of the corporation shall receive any pecuniary benefit from the

corporation except reasonable compensation for services actually

rendered to the corporation. The corporation shall not carry on

propaganda or otherwise attempt to influence legislation.

(3) The corporation shall not issue shares nor shall any bonds, notes

or debentures of the corporation be convertible to shares.