§ 12 — Subsidiaries: how created

New York § 12

• Jurisdiction: New York
• Law UDA: Urban Development Corporation Act 174/68

Text

§ 12. Subsidiaries: how created. (1) The corporation shall have the\nright to exercise and perform its powers and functions through one or\nmore subsidiary corporations. The corporation by resolution may direct\nany of its directors, officers or employees to organize a subsidiary\ncorporation pursuant to either the business corporation law, the\nnot-for-profit corporation law or articles two, four or eleven of the\nprivate housing finance law. Such resolution shall prescribe the\npurposes for which such subsidiary corporation is to be formed.\n Such corporation shall be deemed a subsidiary corporation whenever and\nso long as (i) more than half of any voting shares of such subsidiary\nare owned or held by the corporation, or (ii) a majority of the\ndirectors, trustees or members of such subsidiary are designees of the\ncorporation.\n (2) The corporation may transfer to any subsidiary corporation any\nmoneys, real or personal or mixed property or any project in order to\ncarry out the purposes of this act. Each such subsidiary corporation\nshall have all the privileges, immunities, tax exemptions and other\nexemptions of the corporation to the extent the same are not\ninconsistent with the statute or statutes pursuant to which such\nsubsidiary was incorporated.\n (3) Notwithstanding any provision of this act to the contrary, the\nsuperintendent of financial services and the chairman of the New York\nstate science and technology foundation shall not serve as a director,\ntrustee or member of any such subsidiary corporation.\n (4) No officer or director of the corporation shall receive any\nadditional compensation, either direct or indirect, other than\nreimbursement for actual and necessary expenses incurred in the\nperformance of his duties, by reason of his serving as a member,\ndirector, or trustee of any subsidiary corporation.\n