§ 1974-A — Subsidiaries; how created

New York § 1974-A

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 12: No title
• Art. 8: Miscellaneous Authorities

Text

§ 1974-a. Subsidiaries; how created. 1. The authority by resolution\nfrom time to time may direct any of its members, officers or employees\nto organize one or more wholly-owned subsidiary corporations pursuant\nand subject to article two, article four or article eleven of the\nprivate housing finance law. Such resolution shall prescribe the\npurposes for which such subsidiary is to be organized.\n 2. The authority may transfer to any subsidiary any money or real or\npersonal or mixed property or any project in order to carry out the\npurposes of this title. Each such subsidiary shall have all the\nprivileges, immunities, tax exemptions and other exemptions of the\nauthority to the extent the same are not inconsistent with the statute\nor statutes pursuant to which such subsidiary was organized. Except as\nmay be inconsistent with the provisions of this title, such subsidiary\nshall have all the rights and powers granted to housing companies by the\nprivate housing finance law and by any other statute pursuant to which\nsuch subsidiary was organized.\n 3. No member or officer of the authority shall receive any additional\ncompensation, either direct or indirect, other than reimbursement for\nactual and necessary expenses incurred in the performance of his duties,\nby reason of his serving as a member, director, trustee or officer of\nany subsidiary.\n