Title UDR, Urban development research corporation act 173/68

§ 1. Short title. This act shall be known and may be cited as the "New\nYork state urban development and research corporation act".\n

§ 10. Acquisition of real property. (1) Real property may be acquired\nby the corporation or by a subsidiary, or by a municipality for the\ncorporation or a subsidiary, by gift, grant, devise, purchase,\ncondemnation or otherwise.\n (2) The corporation or a subsidiary, electing …

§ 11. Acquisition of real property acquired by a municipality or urban\nrenewal agency. Notwithstanding anything to the contrary contained in\narticle fifteen or article fifteen-a of the general municipal law or in\nany general, special or local law applicable to the sale of rea…

§ 12. Designation and service of process on secretary of state and\nregistered agent. The directors of the corporation shall file with the\nsecretary of state a certificate setting forth the street address and\nthe city and county in which the principal office of the corporation…

§ 13. Limitation of liability. Neither the directors nor any member,\nofficer or employee of the corporation, while acting within the scope of\nhis authority, shall be subject to any personal liability resulting from\nthe activities of the corporation.\n

§ 14. Bonds and notes of the corporation. (1) Subject to the\nprovisions of subdivision (2) of section sixteen of this act, the\ncorporation shall have the power and is hereby authorized from time to\ntime to issue its negotiable bonds and notes in such principal amounts,\nas, i…

§ 15. Security for bonds or notes; construction and acquisition of\nprojects. (1) The principal of and interest on any bonds or notes issued\nby corporation may be secured by a pledge of any revenues and receipts\nof the corporation and may be secured by a mortgage or other inst…

§ 16. Reserve funds. (1) The corporation may create and establish one\nor more reserve funds to be known as debt service reserve funds and may\npay into such reserve funds (a) any proceeds of sale of bonds and notes\nto the extent provided in the resolution of the corporation au…

§ 17. Trust funds. All moneys received pursuant to the authority of\nthis act, whether as proceeds from the sale of bonds or notes or as\nrevenues, receipts or income, shall be deemed to be trust funds to be\nheld and applied solely as provided in the proceedings under which suc…

§ 18. Bonds and notes as legal investment. The bonds and notes of the\ncorporation are hereby made securities in which all public officers and\nbodies of this state and all municipalities and municipal subdivisions,\nall insurance companies and associations, and other persons ca…

§ 19. Agreement of the state. The state does hereby pledge to and\nagree with the holders of any bonds or notes issued under this act that\nthe state will not limit or alter the rights hereby vested in the\ncorporation to fulfill the terms of any agreements made with the holders…

§ 2. Statement of legislative findings and purposes. The legislature\nhereby finds, determines and declares that there exists in this state:\n (a) a seriously inadequate supply of safe and sanitary dwelling\naccommodations within the financial reach of a substantial number of\nf…

§ 20. Remedies of bondholders and noteholders. (1) In the event that\nthe corporation shall default in the payment of principal of or interest\non any issue of bonds or notes after the same shall become due, whether\nat maturity or upon call for redemption, and such default shal…

§ 21. Monies of the corporation. (1) The corporation shall have power\nto contract with the holders of any of its bonds or notes, as to the\ncustody, collection, securing, investment, and payment of any monies of\nthe corporation, of any monies held in trust or otherwise for the…

§ 22. Permissible relations. (1) Notwithstanding any rule at common\nlaw or any provision of any general, special or local law, the\ncorporation may purchase from, sell to, borrow from, loan to, contract\nwith or otherwise deal with any person, corporation, trust, association,\n…

§ 23. Inconsistent provisions of other laws superseded. Insofar as the\nprovisions of this act are inconsistent with the provisions of any other\nlaw, general, special or local, the provisions of this act shall be\ncontrolling.\n

§ 24. Construction. This act, being necessary for the welfare of the\nstate and its inhabitants, shall be liberally construed so as to\neffectuate its purposes.\n

§ 25. Actions against corporation. Except in an action for wrongful\ndeath, in any case founded upon tort a notice of claim shall be required\nas a condition precedent to the commencement of an action or special\nproceeding against the corporation, any of its subsidiary corporat…

§ 26. Separability. If any clause, sentence, paragraph, section or\npart of this act shall be adjudged by any court of competent\njurisdiction to be invalid, such judgment shall not affect, impair, or\ninvalidate the remainder thereof, but shall be confined in its operation\nto …

§ 3. Definitions. As used in this act, the following words and terms\nshall have the following meanings unless the context shall indicate\nanother or different meaning or intent:\n (a) "Corporation". The corporation for urban development and research\nof New York created by sect…

§ 4. Corporation for urban development and research of New York. 1.\nThere is hereby created a non-profit corporation which shall be known as\nthe "Corporation for Urban Development and Research of New York." Except\nas otherwise provided in this act, the corporation shall have …

§ 5. Membership council. (1) The corporation shall establish a\nmembership council which shall have the powers and duties specified\nherein. The council shall consist of no less than fifteen nor more than\nforty-five members. The members of the council shall be elected by vote\n…

§ 6. Purposes of the corporation. (1) To facilitate the comprehensive\ndevelopment of urban areas throughout the state and to promote the\nhealth, safety, welfare and prosperity of the people of the state by\nmaximizing the resources, talents and energies of the private sector o…

§ 7. Powers and limitations. (1) In addition to the powers granted by\nthe business corporation law and except as otherwise limited by this act\nthe corporation shall have power:\n (a) to provide advisory, consultative, training and educational\nservices, technical assistance and…

§ 8. Cooperation with municipalities. (1) In effectuating the purposes\nof this act, the corporation shall work closely, consult and cooperate\nwith local elected officials and community leaders at the earliest\npracticable time. The corporation shall give primary consideration t…

§ 9. Subsidiaries; how created. (1) The corporation shall have the\nright to exercise and perform its powers and functions through one or\nmore subsidiary corporations. The corporation by resolution may direct\nany of its directors, officers or employees to organize a subsidiary…