§ 1613 — Dissolution of land bank

New York § 1613

• Jurisdiction: New York
• Law NPC: Not-for-Profit Corporation
• Art. 16: Land Banks

Text

§ 1613. Dissolution of land bank.\n A land bank may be dissolved as a charitable not-for-profit\ncorporation sixty calendar days after an affirmative resolution approved\nby two-thirds of the membership of the board of directors. Sixty\ncalendar days advance written notice of consideration of a resolution of\ndissolution shall be given to the foreclosing governmental unit or units\nthat created the land bank, shall be published in a local newspaper of\ngeneral circulation, and posted prominently and continuously on the\nhomepage of any website maintained by the land bank, and shall be sent\ncertified mail to the trustee of any outstanding bonds of the land bank.\nUpon dissolution of the land bank all real property, personal property\nand other assets of the land bank shall become the assets of the\nforeclosing governmental unit or units that created the land bank. In\nthe event that two or more foreclosing governmental units create a land\nbank in accordance with section sixteen hundred three of this article,\nthe withdrawal of one or more foreclosing governmental units shall not\nresult in the dissolution of the land bank unless the intergovernmental\nagreement so provides, and there is no foreclosing governmental unit\nthat desires to continue the existence of the land bank.\n