§ 1607. Powers.\n (a) A land bank shall constitute a charitable not-for-profit\ncorporation under New York law, which powers shall include all powers\nnecessary to carry out and effectuate the purposes and provisions of\nthis article, including the following powers in addition to those herein\notherwise granted:\n (1) adopt, amend, and repeal bylaws for the regulation of its affairs\nand the conduct of its business;\n (2) sue and be sued in its own name and plead and be impleaded in all\ncivil actions, including, but not limited to, actions to clear title to\nproperty of the land bank;\n (3) to adopt a seal and to alter the same at pleasure;\n (4) to make contracts, give guarantees and incur liabilities, borrow\nmoney at such rates of interest as the land bank may determine;\n (5) to issue negotiable revenue bonds and notes according to the\nprovisions of this article;\n (6) to procure insurance or guarantees from the state of New York or\nfederal government of the payments of any debts or parts thereof\nincurred by the land bank, and to pay premiums in connection therewith;\n (7) to enter into contracts and other instruments necessary to the\nperformance of its duties and the exercise of its powers, including, but\nnot limited to, intergovernmental agreements under section one hundred\nnineteen-o of the general municipal law for the joint exercise of powers\nunder this article;\n (8) to enter into contracts and other instruments necessary to the\nperformance of functions by the land bank on behalf of municipalities or\nagencies or departments of municipalities, or the performance by\nmunicipalities or agencies or departments of municipalities of functions\non behalf of the land bank;\n (9) to make and execute contracts and other instruments necessary to\nthe exercise of the powers of the land bank; and any contract or\ninstrument when signed by the chairman or vice-chairman of the land\nbank, or by an authorized use of their facsimile signatures, and by the\nsecretary or assistant secretary, or, treasurer or assistant treasurer\nof the land bank, or by an authorized use of their facsimile signatures,\nshall be held to have been properly executed for and on its behalf;\n (10) to procure insurance against losses in connection with the real\nproperty, assets, or activities of the land bank;\n (11) to invest money of the land bank, at the discretion of the board\nof directors, in instruments, obligations, securities, or property\ndetermined proper by the board of directors, and name and use\ndepositories for its money;\n (12) to enter into contracts for the management of, the collection of\nrent from, or the sale of real property of the land bank;\n (13) to design, develop, construct, demolish, reconstruct,\nrehabilitate, renovate, relocate, and otherwise improve real property or\nrights or interests in real property;\n (14) to fix, charge, and collect rents, fees and charges for the use\nof real property of the land bank and for services provided by the land\nbank;\n (15) to grant or acquire a license, easement, lease (as lessor and as\nlessee), or option with respect to real property of the land bank;\n (16) to enter into partnership, joint ventures, and other\ncollaborative relationships with municipalities and other public and\nprivate entities for the ownership, management, development, and\ndisposition of real property;\n (17) to inventory vacant, abandoned and tax foreclosed properties;\n (18) to develop a redevelopment plan to be approved by the foreclosing\ngovernmental unit or units;\n (19) to be subject to municipal building codes and zoning laws;\n (20) to enter in agreements with a foreclosing governmental unit for\nthe distribution of revenues to the foreclosing governmental unit and\nschool district;\n (21) to organize a subsidiary for a project or projects which the land\nbank has the power to pursue under this article when the primary reason\nfor which the subsidiary shall be organized shall
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