New York Not-For-Profit Corporation Article 16 - (Not-for-profit Corporation) Land Banks

  • 1600 - Short Title.
    This article shall be known and may be cited as the "land bank act".
  • 1601 - Legislative Intent.
    The legislature finds and declares that New York's communities are important to the social and economic vitality of the state. Whether urban, suburban, or rural,...
  • 1602 - Definitions.
    The following words and phrases when used in this article shall have the meanings given to them in this section unless the context clearly indicates...
  • 1603 - Creation And Existence.
    (a) Any foreclosing governmental unit may create a land bank by the adoption of a local law, ordinance, or resolution as appropriate to such foreclosing...
  • 1604 - Applicability Of New York Law.
    This article shall apply only to land banks created pursuant to this article.
  • 1605 - Board Of Directors.
    (a) (1) The initial size of the board shall be determined in accordance with section sixteen hundred three of this article. Unless restricted by the...
  • 1606 - Staff.
    A land bank may employ a secretary, an executive director, its own counsel and legal staff, and such technical experts, and such other agents and...
  • 1607 - Powers.
    (a) A land bank shall constitute a charitable not-for-profit corporation under New York law, which powers shall include all powers necessary to carry out and...
  • 1608 - Acquisition Of Property.
    (a) The real property of a land bank and its income and operations are exempt from all taxation by the state of New York and...
  • 1609 - Disposition Of Property.
    (a) The land bank shall hold in its own name all real property acquired by the land bank irrespective of the identity of the transferor...
  • 1610 - Financing Of Land Bank Operations.
    (a) A land bank may receive funding through grants and loans from the foreclosing governmental unit or units which created the land bank, from other...
  • 1611 - Borrowing And Issuance Of Bonds.
    (a) A land bank shall have power to issue bonds for any of its corporate purposes, the principal and interest of which are payable from...
  • 1612 - Public Records And Public Meetings.
    (a) The board shall cause minutes and a record to be kept of all its proceedings. Except as otherwise provided in this section, the land...
  • 1613 - Dissolution Of Land Bank.
    A land bank may be dissolved as a charitable not-for-profit corporation sixty calendar days after an affirmative resolution approved by two-thirds of the membership of...
  • 1614 - Conflicts Of Interest.
    No member of the board or employee of a land bank shall acquire any interest, direct or indirect, in real property of the land bank,...
  • 1615 - Construction, Intent And Scope.
    The provisions of this article shall be construed liberally to effectuate the legislative intent and the purposes as complete and independent authorization for the performance...
  • 1616 - Delinquent Property Tax Enforcement.
    The municipality may enter into a contract to sell some or all of the delinquent tax liens held by it to a land bank, subject...
  • 1617 - Contracts.
    (a) The land bank may, in its discretion, assign contracts for supervision and coordination to the successful bidder for any subdivision of work for which...

Last modified: September 11, 2016