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A08819 Summary:

A08819 Actions:

A08819 Floor Votes:

A08819 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          8819
 
                   IN ASSEMBLY
 
                                    February 18, 2014
                                       ___________
 
        Introduced  by  M.  of A. MAGNARELLI -- (at request of the Department of
          Law) -- read once and referred to the Committee on Local Governments
 
        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