§ 206. Limitations of redevelopment corporations. No redevelopment\ncorporation shall:\n 1. Undertake any clearance, reconstruction, improvement, alteration or\nconstruction in connection with any development until the certificates\nof approval required by section two hundred three of this article have\nbeen issued;\n 2. Change, alter, amend, add to or depart from the development plan\nuntil the planning commission or the supervising agency, as the case may\nbe, has issued a certificate of approval of that portion of such change,\nalteration, amendment, addition or departure relevant to the\ndetermination required to be made by it as set forth in section two\nhundred three of this article;\n 3. After a development has been commenced, sell, transfer or assign\nany real property in the development area without first obtaining the\nconsent of the supervising agency;\n 4. Undertake more than one development;\n 5. Pay interest on its income debentures, if any, except out of net\nearnings which would have been applicable to the payment of dividends on\nits capital stock if there were no such income debentures;\n 6. Pay as compensation for services to, or enter into contracts for\nthe payment of compensation for services to, its officers or employees\nin an amount greater than the limit thereon contained in the development\nplan, or in default thereof, then in an amount greater than the\nreasonable value of the services performed or to be performed by such\nofficers or employees;\n 7. Lease an entire building or improvement in the development area to\nany person or corporation without obtaining the approval of the\nsupervising agency, which may be withheld only if the lease is being\nmade for the purpose of evading the provisions of this article;\n 8. Mortgage any of its real property without obtaining the approval of\nthe supervising agency;\n 9. Make any guarantee without obtaining the approval of the\nsupervising agency;\n 10. Dissolve without obtaining the approval of the supervising agency,\nwhich may be given upon such conditions as the supervising agency may\ndeem necessary or appropriate to the protection of the interest of the\ncity in the proceeds of the sale of the real property acquired by\ncondemnation as provided in subdivision two of section two hundred five\nof this article, such approval to be endorsed on the certificate of\ndissolution and such certificate not to be filed in the department of\nstate in the absence of such endorsement;\n 11. Reorganize without obtaining the approval of the supervising\nagency.\n
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.