§ 5. Powers of the corporation. Except as otherwise limited by this\nact, the corporation shall have power:\n (1) To sue and be sued;\n (2) To have a seal and alter the same at pleasure;\n (3) To make and execute contracts and all other instruments necessary\nor convenient for the exercise of its powers and functions under this\nact;\n (4) To make and alter by-laws for its organization and internal\nmanagement and, subject to agreements with noteholders or bondholders,\nto make rules and regulations with respect to its projects, operations,\nproperties and facilities, which rules and regulations shall be filed\nwith the department of state in the manner provided by section one\nhundred two of the executive law;\n (5) To acquire, hold and dispose of personal property for its\ncorporate purposes;\n (6) To appoint officers, agents and employees, prescribe their duties\nand qualifications and fix their compensation;\n (7) To acquire or contract to acquire from any person, firm,\ncorporation, municipality, federal or state agency, by grant, purchase,\ncondemnation or otherwise, leaseholds, real, personal or mixed property\nor any interest therein; to own, hold, clear, improve and rehabilitate,\nand to sell, assign, exchange, transfer, convey, lease, mortgage, or\notherwise dispose of or encumber the same;\n (8) To create subsidiaries, as provided in section twelve of this act.\n (9) To acquire, construct, reconstruct, rehabilitate, improve, alter\nor repair or provide for the construction, reconstruction, improvement,\nalteration or repair of any project.\n (10) To arrange or contract with a municipality for the planning,\nreplanning, opening, grading or closing of streets, roads, roadways,\nalleys or other places, or for the furnishing of facilities or for the\nacquisition by a municipality of property or property rights or for the\nfurnishing of property or services in connection with a project.\n (11) To sell, lease, assign, transfer, convey, exchange, mortgage, or\notherwise dispose of or encumber any project, and in the case of the\nsale of any project, to accept a purchase money mortgage in connection\ntherewith; and to lease, repurchase or otherwise acquire and hold any\nproject which the corporation has theretofore sold, leased or otherwise\nconveyed, transferred or disposed of.\n (12) To grant options to purchase any project or to renew any leases\nentered into by it in connection with any of its projects, on such terms\nand conditions as it may deem advisable.\n (13) To prepare or cause to be prepared plans, specifications, designs\nand estimates of cost for the construction, reconstruction,\nrehabilitation, improvement, alteration or repair of any project, and\nfrom time to time to modify such plans, specifications, designs or\nestimates.\n (14) To manage any project, whether then owned or leased by the\ncorporation, and to enter into agreements with the state or any\nmunicipality or any agency or instrumentality thereof, or with any\nperson, firm, partnership or corporation, either public or private, for\nthe purpose of causing any project to be managed.\n (15) To provide advisory, consultative, training and educational\nservices, technical assistance and advice to any person, firm,\npartnership or corporation, either public or private, in order to carry\nout the purposes of this act.\n (16) To lend or donate monies, whether secured or unsecured, to any\nsubsidiary corporation, and to purchase, sell or pledge the shares,\nbonds or other obligations or securities thereof, on such terms and\nconditions as the corporation may deem advisable.\n (17) To make mortgage loans, secured by a first mortgage lien,\nincluding temporary loans or advances, to any subsidiary corporation\nwhich is a housing company, and to undertake commitments therefor. Any\nsuch commitment, mortgage or bonds or notes secured thereby may contain\nsuch terms and conditions not inconsistent with the provisions of this\nact as the corpora
‹ 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.