S07589 Summary:

BILL NOS07589B
 
SAME ASSAME AS A07529-B
 
SPONSORVALESKY
 
COSPNSR
 
MLTSPNSR
 
Amd §§1607 & 1609, N-PC L
 
Authorizes holding title of real property of a land bank in the name of a subsidiary; grants additional powers to land banks.
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S07589 Actions:

BILL NOS07589B
 
05/10/2016REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS
05/25/2016AMEND AND RECOMMIT TO CORPORATIONS, AUTHORITIES AND COMMISSIONS
05/25/2016PRINT NUMBER 7589A
05/27/2016AMEND (T) AND RECOMMIT TO CORPORATIONS, AUTHORITIES AND COMMISSIONS
05/27/2016PRINT NUMBER 7589B
06/16/2016COMMITTEE DISCHARGED AND COMMITTED TO RULES
06/16/2016ORDERED TO THIRD READING CAL.1942
06/16/2016SUBSTITUTED BY A7529B
 A07529 AMEND=B Magnarelli
 05/15/2015referred to local governments
 01/06/2016referred to local governments
 01/12/2016amend (t) and recommit to local governments
 01/12/2016print number 7529a
 05/26/2016amend and recommit to local governments
 05/26/2016print number 7529b
 06/02/2016reported referred to ways and means
 06/06/2016reported referred to rules
 06/08/2016reported
 06/08/2016rules report cal.162
 06/08/2016ordered to third reading rules cal.162
 06/09/2016passed assembly
 06/09/2016delivered to senate
 06/09/2016REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS
 06/16/2016SUBSTITUTED FOR S7589B
 06/16/20163RD READING CAL.1942
 06/16/2016PASSED SENATE
 06/16/2016RETURNED TO ASSEMBLY
 09/20/2016delivered to governor
 09/29/2016signed chap.338
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S07589 Committee Votes:

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S07589 Floor Votes:

There are no votes for this bill in this legislative session.
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S07589 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         7589--B
 
                    IN SENATE
 
                                      May 10, 2016
                                       ___________
 
        Introduced  by  Sen. VALESKY -- read twice and ordered printed, and when
          printed to be committed to the Committee on Corporations,  Authorities
          and   Commissions  --  committee  discharged,  bill  amended,  ordered
          reprinted as amended and recommitted to said  committee  --  committee
          discharged, bill amended, ordered reprinted as amended and recommitted
          to said committee

        AN  ACT  to amend the not-for-profit corporation law, in relation to the
          powers of a land bank
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  Clauses 20 and 21 of paragraph (a) of section 1607 of the
     2  not-for-profit corporation law, as added by chapter 257 of the  laws  of
     3  2011, are amended to read as follows:
     4    (20)  to  enter in agreements with a foreclosing governmental unit for
     5  the distribution of revenues to the foreclosing  governmental  unit  and
     6  school district; [and]
     7    (21) to organize a subsidiary for a project or projects which the land
     8  bank  has the power to pursue under this article when the primary reason
     9  for which the subsidiary shall be organized shall be to limit the poten-
    10  tial liability impact of the subsidiary's project  or  projects  on  the
    11  land bank or because state or federal law requires that the purpose of a
    12  subsidiary be undertaken through a specific corporate or business struc-
    13  ture.  All  real  property  of a subsidiary organized under this article
    14  shall be maintained on the inventory lists required in this  article  of
    15  the  land bank of which it is a subsidiary and the subsidiary shall make
    16  all reports and other disclosures as are required of  land  banks  under
    17  this  article  and  as local public authorities, unless the subsidiary's
    18  operations and finances are consolidated with those of the land bank  of
    19  which  it  is  a  subsidiary.  Subsidiaries organized under this article
    20  shall be established in the form of a New York charitable not-for-profit
    21  corporation or a New  York  single  member  limited  liability  company.
    22  Subsidiaries shall not have the authority to issue bonds, notes or other
    23  debts,  provided,  however,  that  such  subsidiaries may issue notes or
    24  other debt to the land bank of which it is a subsidiary.  The  organiza-
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15351-03-6

        S. 7589--B                          2
 
     1  tional  documents  filed to create a subsidiary under this article shall
     2  state that the land bank is organizing the subsidiary for  the  purposes
     3  set  forth  in  this  article  and  the  name of the subsidiary shall be
     4  reasonably related to the name of the land bank of which it is a subsid-
     5  iary. The real property of a subsidiary organized under this article and
     6  its  income  and operations are exempt from all taxation by the state of
     7  New York and by any of its political subdivisions; and
     8    (22) to do all other things necessary to achieve  the  objectives  and
     9  purposes  of the land bank or other laws that relate to the purposes and
    10  responsibility of the land bank.
    11    § 2. Paragraph (a) of section 1609 of the  not-for-profit  corporation
    12  law,  as added by chapter 257 of the laws of 2011, is amended to read as
    13  follows:
    14    (a) The land bank shall hold in its own name, or  in  the  name  of  a
    15  lawfully  organized  subsidiary,  all real property acquired by the land
    16  bank irrespective of the identity of the transferor of such property.
    17    § 3. This act shall take effect immediately.
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