§ 1603. Creation and existence.

(a) Any foreclosing governmental unit may create a land bank by the
adoption of a local law, ordinance, or resolution as appropriate to such
foreclosing governmental unit which action specifies the following:

(1) the name of the land bank;

(2) the number of members of the board of directors, which shall
consist of an odd number of members, and shall be not less than five
members nor more than fifteen members;

(3) the initial individuals to serve as members of the board of
directors, and the length of terms for which they are to serve;

(4) the qualifications, manner of selection or appointment, and terms
of office of members of the board; and

(5) the articles of incorporation for the land bank, which shall be
filed with the secretary of state in accordance with the procedures set
forth in this chapter.

(b) Two or more foreclosing governmental units may enter into an
intergovernmental cooperation agreement which creates a single land bank
to act on behalf of such foreclosing governmental units, which agreement
shall be authorized by and be in accordance with the provisions of
paragraph (a) of this section. Such intergovernmental agreement shall
include provisions for dissolution of such land bank.

(c) Any foreclosing governmental units and any municipality may enter
into an intergovernmental cooperation agreement which creates a single
land bank to act on behalf of such foreclosing governmental unit or
units and municipality, which agreement shall be authorized by and be in
accordance with the provisions of paragraph (a) of this section. Such
intergovernmental agreement shall include provisions for dissolution of
such land bank.

(d) Except when a land bank is created pursuant to paragraph (b) or
(c) of this section, in the event a county creates a land bank, such
land bank shall have the power to acquire real property only in those
portions of such county located outside of the geographical boundaries
of any other land bank created by any other foreclosing governmental
unit located partially or entirely within such county.

(e) A school district may participate in a land bank pursuant to an
intergovernmental cooperation agreement with the foreclosing
governmental unit or units that create the land bank, which agreement
shall specify the membership, if any, of such school district on the
board of directors of the land bank, or the actions of the land bank
which are subject to approval by the school district.

(f) Each land bank created pursuant to this act shall be a charitable
corporation, and shall have permanent and perpetual duration until
terminated and dissolved in accordance with the provisions of section
sixteen hundred thirteen of this article.

(g) Nothing in this article shall be construed to authorize the
existence of more than thirty-five land banks located in the state at
one time, provided further that each foreclosing governmental unit or
units proposing to create a land bank shall submit such local law,
ordinance or resolution as required by paragraph (a) of this section, to
the urban development corporation, for its review and approval. The
creation of a land bank shall be conditioned upon approval of the urban
development corporation.

(h) The office of the state comptroller shall have the authority to
audit any land bank pursuant to this article.