§ 1607. Powers.

(a) A land bank shall constitute a charitable not-for-profit
corporation under New York law, which powers shall include all powers
necessary to carry out and effectuate the purposes and provisions of
this article, including the following powers in addition to those herein
otherwise granted:

(1) adopt, amend, and repeal bylaws for the regulation of its affairs
and the conduct of its business;

(2) sue and be sued in its own name and plead and be impleaded in all
civil actions, including, but not limited to, actions to clear title to
property of the land bank;

(3) to adopt a seal and to alter the same at pleasure;

(4) to make contracts, give guarantees and incur liabilities, borrow
money at such rates of interest as the land bank may determine;

(5) to issue negotiable revenue bonds and notes according to the
provisions of this article;

(6) to procure insurance or guarantees from the state of New York or
federal government of the payments of any debts or parts thereof
incurred by the land bank, and to pay premiums in connection therewith;

(7) to enter into contracts and other instruments necessary to the
performance of its duties and the exercise of its powers, including, but
not limited to, intergovernmental agreements under section one hundred
nineteen-o of the general municipal law for the joint exercise of powers
under this article;

(8) to enter into contracts and other instruments necessary to the
performance of functions by the land bank on behalf of municipalities or
agencies or departments of municipalities, or the performance by
municipalities or agencies or departments of municipalities of functions
on behalf of the land bank;

(9) to make and execute contracts and other instruments necessary to
the exercise of the powers of the land bank; and any contract or
instrument when signed by the chairman or vice-chairman of the land
bank, or by an authorized use of their facsimile signatures, and by the
secretary or assistant secretary, or, treasurer or assistant treasurer
of the land bank, or by an authorized use of their facsimile signatures,
shall be held to have been properly executed for and on its behalf;

(10) to procure insurance against losses in connection with the real
property, assets, or activities of the land bank;

(11) to invest money of the land bank, at the discretion of the board
of directors, in instruments, obligations, securities, or property
determined proper by the board of directors, and name and use
depositories for its money;

(12) to enter into contracts for the management of, the collection of
rent from, or the sale of real property of the land bank;

(13) to design, develop, construct, demolish, reconstruct,
rehabilitate, renovate, relocate, and otherwise improve real property or
rights or interests in real property;

(14) to fix, charge, and collect rents, fees and charges for the use
of real property of the land bank and for services provided by the land
bank;

(15) to grant or acquire a license, easement, lease (as lessor and as
lessee), or option with respect to real property of the land bank;

(16) to enter into partnership, joint ventures, and other
collaborative relationships with municipalities and other public and
private entities for the ownership, management, development, and
disposition of real property;

(17) to inventory vacant, abandoned and tax foreclosed properties;

(18) to develop a redevelopment plan to be approved by the foreclosing
governmental unit or units;

(19) to be subject to municipal building codes and zoning laws;

(20) to enter in agreements with a foreclosing governmental unit for
the distribution of revenues to the foreclosing governmental unit and
school district;

(21) to organize a subsidiary for a project or projects which the land
bank has the power to pursue under this article when the primary reason
for which the subsidiary shall be organized shall be to limit the
potential liability impact of the subsidiary's project or projects on
the land bank or because state or federal law requires that the purpose
of a subsidiary be undertaken through a specific corporate or business
structure. All real property of a subsidiary organized under this
article shall be maintained on the inventory lists required in this
article of the land bank of which it is a subsidiary and the subsidiary
shall make all reports and other disclosures as are required of land
banks under this article and as local public authorities, unless the
subsidiary's operations and finances are consolidated with those of the
land bank of which it is a subsidiary. Subsidiaries organized under this
article shall be established in the form of a New York charitable
not-for-profit corporation or a New York single member limited liability
company. Subsidiaries shall not have the authority to issue bonds, notes
or other debts, provided, however, that such subsidiaries may issue
notes or other debt to the land bank of which it is a subsidiary. The
organizational documents filed to create a subsidiary under this article
shall state that the land bank is organizing the subsidiary for the
purposes set forth in this article and the name of the subsidiary shall
be reasonably related to the name of the land bank of which it is a
subsidiary. The real property of a subsidiary organized under this
article and its income and operations are exempt from all taxation by
the state of New York and by any of its political subdivisions; and

(22) to do all other things necessary to achieve the objectives and
purposes of the land bank or other laws that relate to the purposes and
responsibility of the land bank.

(b) A land bank shall neither possess nor exercise the power of
eminent domain.