§ 1411. Local development corporations.\n (a) Purposes.\n This section shall provide an additional and alternate method of\nincorporation or reincorporation of not-for-profit corporations for any\nof the purposes set forth in this paragraph and shall not be deemed to\nalter, impair or diminish the purposes, rights, powers or privileges of\nany corporation heretofore or hereafter incorporated under this section\nor under the stock or business corporation laws. Corporations may be\nincorporated or reincorporated under this section as not-for-profit\nlocal development corporations operated for the exclusively charitable\nor public purposes of relieving and reducing unemployment, promoting and\nproviding for additional and maximum employment, bettering and\nmaintaining job opportunities, instructing or training individuals to\nimprove or develop their capabilities for such jobs, carrying on\nscientific research for the purpose of aiding a community or\ngeographical area by attracting new industry to the community or area or\nby encouraging the development of, or retention of, an industry in the\ncommunity or area, and lessening the burdens of government and acting in\nthe public interest, and any one or more counties, cities, towns or\nvillages of the state, or any combination thereof, or the New York job\ndevelopment authority in exercising its power under the public\nauthorities law to encourage the organization of local development\ncorporations, may cause such corporations to be incorporated by public\nofficers or private individuals or reincorporated upon compliance with\nthe requirements of this section, and it is hereby found, determined and\ndeclared that in carrying out said purposes and in exercising the powers\nconferred by paragraph (b) such corporations will be performing an\nessential governmental function.\n (b) Type of corporation.\n A local development corporation is a charitable corporation under this\nchapter.\n (c) Powers.\n In furtherance of its purposes set forth in paragraph (a) but not for\nany other purposes, a local development corporation incorporated or\nreincorporated under this section shall have the following powers: to\nconstruct, acquire, rehabilitate and improve for use by others\nindustrial or manufacturing plants in the territory in which its\noperations are principally to be conducted, to assist financially in\nsuch construction, acquisition, rehabilitation and improvement, to\nmaintain such plants for others in such territory, to disseminate\ninformation and furnish advice, technical assistance and liaison with\nfederal, state and local authorities with respect thereto, to acquire by\npurchase, lease, gift, bequest, devise or otherwise real or personal\nproperty or interests therein, to borrow money and to issue negotiable\nbonds, notes and other obligations therefor, and notwithstanding section\n510 (Disposition of all or substantially all assets) without leave of\nthe court, to sell, lease, mortgage or otherwise dispose of or encumber\nany such plants or any of its real or personal property or any interest\ntherein upon such terms as it may determine and, in connection with\nloans from the New York job development authority, to enter into\ncovenants and agreements and to comply with all the terms, conditions\nand provisions thereof, and otherwise to carry out its corporate\npurposes and to foster and encourage the location or expansion of\nindustrial or manufacturing plants in the territory in which the\noperations of such corporation are principally to be conducted,\nprovided, however, that no such corporation shall attempt to influence\nlegislation by propaganda or otherwise, or participate or intervene,\ndirectly or indirectly, in any political campaign on behalf of or in\nopposition to any candidate for public office.\n (d) Purchase or lease of real property owned by a county, city, town\nor village.\n (1) The local legislative body of a county, city, town or village or,\nif ther
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