§ 205 — Redevelopment corporations

§ 205. Redevelopment corporations. 1. Three or more persons may become\na redevelopment corporation on making, subscribing, acknowledging and\nfiling in the department of state a certificate pursuant to article four\nof the business corporation law, which shall be entitled and endorsed\n"Certificate of incorporation of .... Redevelopment Corporation,\npursuant to article four of the business corporation law," the blank\nspace being filled in with the remainder of the name of the corporation.\nSuch certificate shall contain the provisions required in, and may\ncontain any provisions consistent with the provisions of this article\npermitted in, a certificate of incorporation filed pursuant to article\nfour of the business corporation law, except that:\n (a) Included among the purposes for which the corporation is formed\nshall be the formulation, obtaining the approval of, and putting into\neffect of a development plan, the acquisition of real property in a\ndevelopment area, and the construction, maintenance and operation of a\ndevelopment pursuant to this article;\n (b) The duration of the corporation shall be perpetual;\n (c) The certificate may provide for the issuance of income debentures,\nin which case the holders of such debentures may be allowed such voting\nrights as shall be specified therein;\n (d) The certificate shall contain a declaration that the redevelopment\ncorporation has been organized to serve a public purpose, and that it\nshall be subject to supervision and control as provided in this article.\nA copy of such certificate shall be filed with the planning commission\nand the supervising agency having jurisdiction within ten days of its\nbeing filed in the department of state.\n 2. If a redevelopment corporation shall not have obtained the\ncertificates of approval of its development plan required by section two\nhundred three of this article within twelve months of the date upon\nwhich it became a redevelopment corporation, or shall not substantially\ncomply with the development plan within the time limit for the\ncompletion of each stage thereof as therein stated, reasonable delays\ncaused by unforseen difficulties excepted, then upon the filing in the\ndepartment of state of a certified copy of the order of the court\nestablishing such failure to obtain such certificate or substantially so\nto comply, obtained pursuant to section two hundred thirteen of this\narticle, such redevelopment corporation shall cease to have the special\nrights, powers and privileges granted to, or be subject to the special\nduties, liabilities and restrictions imposed upon a redevelopment\ncorporation by this article, and shall thereafter change its name to\nremove the word "Redevelopment" therefrom. In such event, however, such\ncorporation may thereafter continue in existence as a business\ncorporation, subject to the business corporation law. In the event that\na certified copy of such order shall be so filed, all real property\nacquired by or for such redevelopment corporation by condemnation shall\nbe disposed of, either alone or in conjunction with additional real\nproperty not so acquired, within a reasonable time by bona fide sale.\nAll amounts received by the redevelopment corporation for such real\nproperty in excess of an amount equal to that portion of the development\ncost allocable to the real property being disposed of, shall be paid to\nthe city.\n 3. No corporation now organized under the laws of the state shall\nchange its name to a name, and no such corporation hereafter organized\nshall have a name, containing the word "redevelopment" as a part\nthereof, unless and until such corporation is or becomes a redevelopment\ncorporation. No foreign corporation now authorized to do business in the\nstate shall change its name to a name, and no such corporation shall\nhereafter be authorized to do business in the state with a name,\ncontaining the word "redevelopment" as a part thereof.\n