Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Feb 08, 2016 |
recommit, enacting clause stricken |
Jan 06, 2016 |
referred to corporations, authorities and commissions |
May 04, 2015 |
referred to corporations, authorities and commissions |
Senate Bill S5128
2015-2016 Legislative Session
Sponsored By
(D, IP) Senate District
Archive: Last Bill Status - Stricken
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2015-S5128 (ACTIVE) - Details
- Law Section:
- Not-for-Profit Corporation Law
- Laws Affected:
- Amd §§1607, 1608 & 1609, add §§1608-a & 1608-b, N-PC L
2015-S5128 (ACTIVE) - Sponsor Memo
BILL NUMBER:S5128 REVISED 5/4/15 TITLE OF BILL: An act to amend the not-for-profit corporation law, in relation to land banks Purpose: To amend the Land Bank act to allow Land Banks to operate more efficiently and effectively. Summary of Provisions: Section one of the bill would allow land banks to receive grants and loans facilitate a better stock of land, attract buyers, hold mortgages - all of which are within the enumerated purposes of land banks. Section two of the bill would waive recording fees for land banks as they transfer property as part of a legitimate State purpose. Section three of the bill would authorize land banks to inspect the property before taking title, just as municipalities are authorized to do. Section four of the bill would extend indemnification to land banks in the event of discovery of environmental contamination similar to that of municipalities. Section five of the bill is a series of technical changes that amelio-
2015-S5128 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5128 2015-2016 Regular Sessions I N S E N A T E May 4, 2015 ___________ Introduced by Sen. VALESKY -- 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: Section 1. Paragraphs 20 and 21 of subdivision (a) of section 1607 of the not-for-profit corporation law, as added by chapter 257 of the laws of 2011, are amended to read as follows: (20) to enter in agreements with a foreclosing governmental unit for the distribution of revenues to the foreclosing governmental unit and school district; [and] (21) to do all other things necessary to achieve the objectives and purposes of the land bank or other laws that relate to the purposes and responsibility of the land bank[.]; S 2. Subdivision (a) of section 1607 of the not-for-profit corporation law is amended by adding two new paragraphs 22 and 23 to read as follows: (22) TO LEND MONEY, TO MAKE GRANTS AND TAKE AND HOLD REAL AND PERSONAL PROPERTY AS SECURITY FOR THE PAYMENT OF FUNDS SO LOANED OR FOR THE PERFORMANCE AND ENFORCEMENT OF GRANT AGREEMENTS; AND (23) TO ORGANIZE A SUBSIDIARY FOR A PROJECT OR PROJECTS WHICH THE LAND BANK HAS THE POWER TO PURSUE HEREUNDER WHEN THE PRIMARY REASON FOR WHICH THE SUBSIDIARY SHALL BE ORGANIZED SHALL BE TO LIMIT THE POTENTIAL LIABILITY IMPACT OF THE SUBSIDIARY'S PROJECT OR PROJECTS ON THE LAND BANK OR BECAUSE STATE OR FEDERAL LAW REQUIRES THAT THE PURPOSE OF A SUBSIDIARY BE UNDERTAKEN THROUGH A SPECIFIC CORPORATE OR BUSINESS STRUC- TURE AND AS LONG AS THE SUBSIDIARY CORPORATION SHALL MAKE THE REPORTS AND OTHER DISCLOSURES AS ARE REQUIRED OF LOCAL PUBLIC AUTHORITIES, UNLESS THE SUBSIDIARY'S OPERATIONS AND FINANCES ARE CONSOLIDATED WITH EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10202-01-5
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