§ 1603 — Creation and existence

§ 1603. Creation and existence.\n (a) Any foreclosing governmental unit may create a land bank by the\nadoption of a local law, ordinance, or resolution as appropriate to such\nforeclosing governmental unit which action specifies the following:\n (1) the name of the land bank;\n (2) the number of members of the board of directors, which shall\nconsist of an odd number of members, and shall be not less than five\nmembers nor more than fifteen members;\n (3) the initial individuals to serve as members of the board of\ndirectors, and the length of terms for which they are to serve;\n (4) the qualifications, manner of selection or appointment, and terms\nof office of members of the board; and\n (5) the articles of incorporation for the land bank, which shall be\nfiled with the secretary of state in accordance with the procedures set\nforth in this chapter.\n (b) Two or more foreclosing governmental units may enter into an\nintergovernmental cooperation agreement which creates a single land bank\nto act on behalf of such foreclosing governmental units, which agreement\nshall be authorized by and be in accordance with the provisions of\nparagraph (a) of this section. Such intergovernmental agreement shall\ninclude provisions for dissolution of such land bank.\n (c) Any foreclosing governmental units and any municipality may enter\ninto an intergovernmental cooperation agreement which creates a single\nland bank to act on behalf of such foreclosing governmental unit or\nunits and municipality, which agreement shall be authorized by and be in\naccordance with the provisions of paragraph (a) of this section. Such\nintergovernmental agreement shall include provisions for dissolution of\nsuch land bank.\n (d) Except when a land bank is created pursuant to paragraph (b) or\n(c) of this section, in the event a county creates a land bank, such\nland bank shall have the power to acquire real property only in those\nportions of such county located outside of the geographical boundaries\nof any other land bank created by any other foreclosing governmental\nunit located partially or entirely within such county.\n (e) A school district may participate in a land bank pursuant to an\nintergovernmental cooperation agreement with the foreclosing\ngovernmental unit or units that create the land bank, which agreement\nshall specify the membership, if any, of such school district on the\nboard of directors of the land bank, or the actions of the land bank\nwhich are subject to approval by the school district.\n (f) Each land bank created pursuant to this act shall be a charitable\ncorporation, and shall have permanent and perpetual duration until\nterminated and dissolved in accordance with the provisions of section\nsixteen hundred thirteen of this article.\n (g) Nothing in this article shall be construed to authorize the\nexistence of more than thirty-five land banks located in the state at\none time, provided further that each foreclosing governmental unit or\nunits proposing to create a land bank shall submit such local law,\nordinance or resolution as required by paragraph (a) of this section, to\nthe urban development corporation, for its review and approval. The\ncreation of a land bank shall be conditioned upon approval of the urban\ndevelopment corporation.\n (h) The office of the state comptroller shall have the authority to\naudit any land bank pursuant to this article.\n