§ 353. Companies; how created. Notwithstanding the provisions of any\nother law or requirement to the contrary, companies shall be\nincorporated and organized pursuant to the not-for-profit corporation\nlaw and this article.\n In addition to those matters required to be set forth in the\ncertificate of incorporation by the not-for-profit corporation law, the\ncertificate shall state:\n 1. That, among the purposes for which it is formed, the company is to\nplan, construct, acquire, alter, reconstruct, rehabilitate, improve,\nown, maintain and operate one or more projects pursuant to this article.\n 2. The number of directors, which shall be not less than three nor\nmore than fifteen. Directors shall be elected by the members of the\ncompany. One additional director may be designated by the commissioner.\nIn the absence of fraud or bad faith the director appointed by the\ncommissioner shall not be personally liable for the debts, obligations\nor liabilities of the company.\n 3. That the real property of the company shall not be sold,\ntransferred, encumbered or assigned except as permitted by the\nprovisions of this article.\n 4. That the company has been organized exclusively to serve a public\npurpose and that it shall be and remain subject to the supervision and\ncontrol of the department pursuant to the provisions of this article and\nall applicable laws and regulations.\n 5. That all income and earnings of the company shall be used\nexclusively for its corporate purposes.\n 6. That no part of the net income or net earnings of the company shall\ninure to the benefit or profit of any private individual, firm or\ncorporation.\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.