STATE OF NEW YORK
________________________________________________________________________
5204--B
2017-2018 Regular Sessions
IN SENATE
March 15, 2017
___________
Introduced by Sen. HAMILTON -- 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
authorizing cities with a population of one million or more to estab-
lish land banks
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The opening paragraph of paragraph (a) of section 1603 of
2 the not-for-profit corporation law, as added by chapter 257 of the laws
3 of 2011, is amended to read as follows:
4 Any foreclosing governmental unit and any city with a population of
5 one million or more may create a land bank by the adoption of a local
6 law, ordinance, or resolution as appropriate to such foreclosing govern-
7 mental unit or any city with a population of one million or more which
8 action specifies the following:
9 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD09797-03-7
