 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          4134
 
                               2017-2018 Regular Sessions
 
                    IN SENATE
 
                                    February 3, 2017
                                       ___________
 
        Introduced  by Sen. GALLIVAN -- 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 land
          banks
 
          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 chapter 106 of the laws of 2014, 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 [twenty] forty 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.
                                                                   LBD09319-01-7
Relates to land banks

What's Happening

Why It Matters
