STATE OF NEW YORK
________________________________________________________________________
8717
IN SENATE
May 10, 2018
___________
Introduced by Sen. SERINO -- 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 authorized land banks in the state to thir-
ty-five
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 amended by section 1 of part DD of chapter 55 of the laws
3 of 2017, is amended to read as follows:
4 (g) Nothing in this article shall be construed to authorize the exist-
5 ence of more than [twenty-five] thirty-five land banks located in the
6 state at one time, provided further that each foreclosing governmental
7 unit or units proposing to create a land bank shall submit such local
8 law, ordinance or resolution as required by paragraph (a) of this
9 section, to the urban development corporation, for its review and
10 approval. The creation of a land bank shall be conditioned upon approval
11 of the urban development 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.
LBD15720-01-8
