N.Y. Urban development research corporation act 173/68 § 9: Subsidiaries; how created

§ 9. 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, five 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 (a) more than half of any voting shares of such subsidiary

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

trustees or members of such subsidiary are designees of the corporation.

(2) In the case of a subsidiary incorporated pursuant to provisions of

articles two, four, five or eleven of the private housing finance law,

the corporation shall cause the certificate of incorporation of such

subsidiary to state that such subsidiary corporation shall have seven

directors, of whom four shall be officers or employees of the

corporation and of whom three shall be persons from the community in

which the project to be undertaken by such subsidiary corporation is to

be located; the latter three directors shall be appointed by the

directors of the corporation upon recommendation of the membership

council.

(3) 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 and exemptions of the

corporation to the extent the same are not inconsistent with the statute

or statutes pursuant to which such subsidiary was incorporated.