§ 103. Redevelopment companies; how created. 1. A redevelopment\ncompany may be created as a corporation by three or more persons\nsigning, acknowledging and filing a certificate which shall contain:\n (1) The name of the proposed redevelopment company.\n (2) The purposes for which it is to be formed which shall be as\nfollows: To acquire one or more areas under a plan or plans, and to\nconstruct, own, maintain, operate, sell and convey projects pursuant to\nthe terms and provisions of this article.\n (3) The amount of the capital shares, and if any be preferred shares,\nthe preference thereof.\n (4) The number of shares of which the capital shall consist, all of\nwhich shall have a par value.\n (5) The city, village or town in which its principal business office\nis to be located; if located in the city of New York, the borough\nthereof in which it is to be located.\n (6) Its duration, which shall not be less than twenty years.\n (7) The number of directors, which shall not be less than three and\nwho need not be shareholders. One additional director may be designated\nby the supervising agency, and, in the case of all mutual companies,\nsuch additional director shall be designated by the supervising agency\nat the creation of the company and shall serve from the time of such\ndesignation at least until a board of directors has been elected by the\ntenants entitled to occupancy in the project by reason of ownership of\nshares in such company. The directors appointed by the supervising\nagency need not meet any of the qualifications prescribed in the\ncertificate of incorporation or the by-laws, and in the absence of fraud\nor bad faith shall not be personally liable for the debts, obligations\nor liabilities of the corporation.\n (8) The names and post-office addresses of the directors for the first\nyear.\n (9) The names and post-office addresses of the subscribers to the\ncertificate and a statement of the number of shares which each agrees to\ntake in the redevelopment company.\n (10) A provision that, so long as this article shall remain applicable\nto any project of the redevelopment company, the real property of the\nredevelopment company shall not be sold, transferred or assigned except\nas permitted by the terms and provisions of this article.\n (11) A declaration that all of the subscribers to the certificate are\nof full age; that at least two-thirds of them are citizens of the United\nStates and that at least one of them is a resident of the state of New\nYork; that at least one of the persons named as a director is a citizen\nof the United States and a resident of the state of New York.\n (12) A declaration that the redevelopment company has been organized\nto serve a public purpose and that it shall be and remain subject to the\nsupervision and control of the supervising agency except as provided in\nthis article, so long as this article remains applicable to any project\nof the redevelopment company; that all real and personal property\nacquired by it and all structures erected by it, shall be deemed to be\nacquired or created for the promotion of the purposes of this article.\n (13) A declaration that, upon the dissolution of the company pursuant\nto the provisions of subdivision one of section one hundred\ntwenty-three, the property may be conveyed in fee as provided in said\nsubdivision.\n (14) A declaration that mortgage indebtedness, income debenture\ncertificates and capital of the redevelopment company may be retired if,\nas and when there shall be funds available for amortization purposes in\nthe treasury of the redevelopment company.\n (15) A declaration that in the event of a violation by a company of a\nprovision of its certificate or of law or any rules and regulations\npromulgated pursuant to the provisions of this article, the supervising\nagency may, by written notice, as provided by this article, advise the\ndirectors, partners or trustees, as the case may be, of the company of\ni
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