§ 355. Powers and limitations of a company.
1.Except as is\ninconsistent with the provisions of this article, a company shall have,\nin carrying out the purpose of this article, the powers conferred on\ncorporations by the not-for-profit corporation law and shall be subject\nto the limitations contained therein.\n 2. Companies shall have the following additional powers:\n (a) To make and execute contracts and other instruments necessary or\nconvenient in the exercise of its powers;\n (b) To acquire or contract to acquire from any persons, firm,\ncorporation, public corporation, municipality, federal or state agency,\nby grant, purchase, or otherwise, leaseholds, real, personal or mixed\nproperty or any interest therein, and to sell, assign, exchange,\ntransfer, mortgage or encumber t
Free access — add to your briefcase to read the full text and ask questions with AI
§ 355. Powers and limitations of a company. 1. Except as is\ninconsistent with the provisions of this article, a company shall have,\nin carrying out the purpose of this article, the powers conferred on\ncorporations by the not-for-profit corporation law and shall be subject\nto the limitations contained therein.\n 2. Companies shall have the following additional powers:\n (a) To make and execute contracts and other instruments necessary or\nconvenient in the exercise of its powers;\n (b) To acquire or contract to acquire from any persons, firm,\ncorporation, public corporation, municipality, federal or state agency,\nby grant, purchase, or otherwise, leaseholds, real, personal or mixed\nproperty or any interest therein, and to sell, assign, exchange,\ntransfer, mortgage or encumber the same;\n (c) To own, hold, clear and improve, leasehold, real, personal or\nmixed property or any interest therein;\n (d) To issue non-interest bearing debentures up to an amount\nrepresenting the difference, if any, between the amount of the mortgage\nmade by the company and the estimated project cost; and in the event the\nfinal project cost shall exceed the estimated project cost, the\ndifference between the amount of the mortgage made by the company and\nsuch final project cost;\n (e) To construct, reconstruct, rehabilitate, improve, alter, repair,\nlease, manage or operate and otherwise provide community senior citizens\nservices projects;\n (f) To insure or provide for the insurance of its property or\noperations as required by law and also against such other risks as it\nmay deem advisable;\n (g) To limit by contract the exercise of any of its powers;\n (h) To invest any funds held in reserves or sinking funds, or any\nfunds not required for immediate disbursement in property or securities\nin which savings banks may legally invest funds subject to their\ncontrol;\n (i) To sue and be sued;\n (j) To have a seal and alter the same at pleasure;\n (k) To make and from time to time amend and repeal by-laws, rules and\nregulations not inconsistent with the provisions of this article;\n (l) To enter into contracts with the New York state housing finance\nagency for mortgage loans and to pay all such fees and charges as may be\nimposed by such agency as a condition of such mortgage loan;\n (m) To enter into contracts for the rendering of services;\n (n) To receive assistance from the state, federal government,\nmunicipalities, or any person, firm or corporation by contract or\notherwise; and to comply, subject to the provisions of this article,\nwith the terms and conditions of such assistance;\n (o) To do all other things necessary or convenient to carry out its\npowers.\n 3. No company shall:\n (a) Acquire any real property or interest therein unless such company\nshall first have obtained from the commissioner a certificate that such\nacquisition is consistent with the purposes of this article;\n (b) Issue notes, bonds, debentures, or other obligations in an\naggregate amount greater than project cost;\n (c) Without first having obtained the written consent of the\ncommissioner;\n (i) Construct, reconstruct, rehabilitate, improve, alter or repair any\nproject, or enter into any contract for such purposes;\n (ii) Sell, transfer, lease or encumber any real property, except that\nno such consent shall be necessary in any sale in foreclosure pursuant\nto section three hundred sixty-three;\n (iii) Enter into any contracts relating to the management or operation\nof senior citizens services projects;\n (iv) Enter into any contracts for the payment of any salary, fee or\nemolument to officers or employees;\n (v) Make a guaranty of payment, or pledge any or all of its assets,\nincome or revenues to secure payment of its obligations;\n (vi) Lease a project or a portion thereof to a third party for the\npurposes of operation, such lease to be subject to all the terms,\nprovisions and limitations of any mortgage loan made by the New York\nstate housing finance agency relating to such project.\n