§ 654-a. Subsidiaries; how created. 1. The corporation by resolution\nmay direct any of its members, officers or employees to organize a\nsubsidiary corporation whenever, in the sole discretion of the\ncorporation, it has become necessary to acquire a project in the case of\nsale under foreclosure or in lieu of foreclosure and it is beneficial to\neffectuate the purpose of this chapter for the subsidiary to hold title\nto the project.\n 2. Each such subsidiary corporation shall be wholly owned by the\ncorporation and shall be organized pursuant to the business corporation\nlaw, the not-for-profit corporation law or article two or article eleven\nof this chapter.\n 3. The corporation may transfer to any subsidiary corporation any\nmoney, real or personal or mixed property or may convey to it any\nproject in order to carry out the purposes of this article. Each such\nsubsidiary corporation shall have all the privileges, immunities, tax\nexemptions and other exemptions of the corporation to the extent the\nsame are not inconsistent with the statute or statutes pursuant to which\nsuch subsidiary was incorporated. Except as may be inconsistent with the\nprovisions of this article, such subsidiary, if organized pursuant to\narticle two or article eleven of this chapter, shall have all the rights\nand powers granted to housing companies by this chapter and by any other\nstatute pursuant to which such subsidiary corporation was organized.\n 4. No member or officer of the corporation shall receive any\nadditional compensation, either direct or indirect, other than\nreimbursement for actual and necessary expenses incurred in the\nperformance of such person's duties, by reason of such person's serving\nas a member, director, trustee or officer of any subsidiary corporation.\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.