§ 1607 — Powers

§ 1607. Powers.\n (a) A land bank shall constitute a charitable not-for-profit\ncorporation under New York law, which powers shall include all powers\nnecessary to carry out and effectuate the purposes and provisions of\nthis article, including the following powers in addition to those herein\notherwise granted:\n (1) adopt, amend, and repeal bylaws for the regulation of its affairs\nand the conduct of its business;\n (2) sue and be sued in its own name and plead and be impleaded in all\ncivil actions, including, but not limited to, actions to clear title to\nproperty of the land bank;\n (3) to adopt a seal and to alter the same at pleasure;\n (4) to make contracts, give guarantees and incur liabilities, borrow\nmoney at such rates of interest as the land bank may determine;\n (5) to issue negotiable revenue bonds and notes according to the\nprovisions of this article;\n (6) to procure insurance or guarantees from the state of New York or\nfederal government of the payments of any debts or parts thereof\nincurred by the land bank, and to pay premiums in connection therewith;\n (7) to enter into contracts and other instruments necessary to the\nperformance of its duties and the exercise of its powers, including, but\nnot limited to, intergovernmental agreements under section one hundred\nnineteen-o of the general municipal law for the joint exercise of powers\nunder this article;\n (8) to enter into contracts and other instruments necessary to the\nperformance of functions by the land bank on behalf of municipalities or\nagencies or departments of municipalities, or the performance by\nmunicipalities or agencies or departments of municipalities of functions\non behalf of the land bank;\n (9) to make and execute contracts and other instruments necessary to\nthe exercise of the powers of the land bank; and any contract or\ninstrument when signed by the chairman or vice-chairman of the land\nbank, or by an authorized use of their facsimile signatures, and by the\nsecretary or assistant secretary, or, treasurer or assistant treasurer\nof the land bank, or by an authorized use of their facsimile signatures,\nshall be held to have been properly executed for and on its behalf;\n (10) to procure insurance against losses in connection with the real\nproperty, assets, or activities of the land bank;\n (11) to invest money of the land bank, at the discretion of the board\nof directors, in instruments, obligations, securities, or property\ndetermined proper by the board of directors, and name and use\ndepositories for its money;\n (12) to enter into contracts for the management of, the collection of\nrent from, or the sale of real property of the land bank;\n (13) to design, develop, construct, demolish, reconstruct,\nrehabilitate, renovate, relocate, and otherwise improve real property or\nrights or interests in real property;\n (14) to fix, charge, and collect rents, fees and charges for the use\nof real property of the land bank and for services provided by the land\nbank;\n (15) to grant or acquire a license, easement, lease (as lessor and as\nlessee), or option with respect to real property of the land bank;\n (16) to enter into partnership, joint ventures, and other\ncollaborative relationships with municipalities and other public and\nprivate entities for the ownership, management, development, and\ndisposition of real property;\n (17) to inventory vacant, abandoned and tax foreclosed properties;\n (18) to develop a redevelopment plan to be approved by the foreclosing\ngovernmental unit or units;\n (19) to be subject to municipal building codes and zoning laws;\n (20) to enter in agreements with a foreclosing governmental unit for\nthe distribution of revenues to the foreclosing governmental unit and\nschool district;\n (21) to organize a subsidiary for a project or projects which the land\nbank has the power to pursue under this article when the primary reason\nfor which the subsidiary shall be organized shall be to limit the\npotential liability impact of the subsidiary's project or projects on\nthe land bank or because state or federal law requires that the purpose\nof a subsidiary be undertaken through a specific corporate or business\nstructure. All real property of a subsidiary organized under this\narticle shall be maintained on the inventory lists required in this\narticle of the land bank of which it is a subsidiary and the subsidiary\nshall make all reports and other disclosures as are required of land\nbanks under this article and as local public authorities, unless the\nsubsidiary's operations and finances are consolidated with those of the\nland bank of which it is a subsidiary. Subsidiaries organized under this\narticle shall be established in the form of a New York charitable\nnot-for-profit corporation or a New York single member limited liability\ncompany. Subsidiaries shall not have the authority to issue bonds, notes\nor other debts, provided, however, that such subsidiaries may issue\nnotes or other debt to the land bank of which it is a subsidiary. The\norganizational documents filed to create a subsidiary under this article\nshall state that the land bank is organizing the subsidiary for the\npurposes set forth in this article and the name of the subsidiary shall\nbe reasonably related to the name of the land bank of which it is a\nsubsidiary. The real property of a subsidiary organized under this\narticle and its income and operations are exempt from all taxation by\nthe state of New York and by any of its political subdivisions; and\n (22) to do all other things necessary to achieve the objectives and\npurposes of the land bank or other laws that relate to the purposes and\nresponsibility of the land bank.\n (b) A land bank shall neither possess nor exercise the power of\neminent domain.\n