STATE OF NEW YORK
________________________________________________________________________
6731
IN SENATE
March 4, 2014
___________
Introduced by Sen. VALESKY -- (at request of the Attorney General) --
read twice and ordered printed, and when printed to be committed to
the Committee on Corporations, Authorities and Commissions
AN ACT to amend the not-for-profit corporation law, in relation to
increasing the number of land banks authorized to exist in the state
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Paragraph (g) of section 1603 of the not-for-profit corpo-
2 ration law, as added by chapter 257 of the laws of 2011, is amended to
3 read as follows:
4 (g) Nothing in this article shall be construed to authorize the exist-
5 ence of more than [ten] twenty land banks located in the state at one
6 time, provided further that each foreclosing governmental unit or units
7 proposing to create a land bank shall submit such local law, ordinance
8 or resolution as required by paragraph (a) of this section, to the urban
9 development corporation, for its review and approval. The creation of a
10 land bank shall be conditioned upon approval of the urban development
11 corporation.
12 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD13702-01-4
