§ 205. Redevelopment corporations. 1. Three or more persons may become
a redevelopment corporation on making, subscribing, acknowledging and
filing in the department of state a certificate pursuant to article four
of the business corporation law, which shall be entitled and endorsed
"Certificate of incorporation of .... Redevelopment Corporation,
pursuant to article four of the business corporation law," the blank
space being filled in with the remainder of the name of the corporation.
Such certificate shall contain the provisions required in, and may
contain any provisions consistent with the provisions of this article
permitted in, a certificate of incorporation filed pursuant to article
four of the business corporation law, except that:

(a) Included among the purposes for which the corporation is formed
shall be the formulation, obtaining the approval of, and putting into
effect of a development plan, the acquisition of real property in a
development area, and the construction, maintenance and operation of a
development pursuant to this article;

(b) The duration of the corporation shall be perpetual;

(c) The certificate may provide for the issuance of income debentures,
in which case the holders of such debentures may be allowed such voting
rights as shall be specified therein;

(d) The certificate shall contain a declaration that the redevelopment
corporation has been organized to serve a public purpose, and that it
shall be subject to supervision and control as provided in this article.
A copy of such certificate shall be filed with the planning commission
and the supervising agency having jurisdiction within ten days of its
being filed in the department of state.

2. If a redevelopment corporation shall not have obtained the
certificates of approval of its development plan required by section two
hundred three of this article within twelve months of the date upon
which it became a redevelopment corporation, or shall not substantially
comply with the development plan within the time limit for the
completion of each stage thereof as therein stated, reasonable delays
caused by unforseen difficulties excepted, then upon the filing in the
department of state of a certified copy of the order of the court
establishing such failure to obtain such certificate or substantially so
to comply, obtained pursuant to section two hundred thirteen of this
article, such redevelopment corporation shall cease to have the special
rights, powers and privileges granted to, or be subject to the special
duties, liabilities and restrictions imposed upon a redevelopment
corporation by this article, and shall thereafter change its name to
remove the word "Redevelopment" therefrom. In such event, however, such
corporation may thereafter continue in existence as a business
corporation, subject to the business corporation law. In the event that
a certified copy of such order shall be so filed, all real property
acquired by or for such redevelopment corporation by condemnation shall
be disposed of, either alone or in conjunction with additional real
property not so acquired, within a reasonable time by bona fide sale.
All amounts received by the redevelopment corporation for such real
property in excess of an amount equal to that portion of the development
cost allocable to the real property being disposed of, shall be paid to
the city.

3. No corporation now organized under the laws of the state shall
change its name to a name, and no such corporation hereafter organized
shall have a name, containing the word "redevelopment" as a part
thereof, unless and until such corporation is or becomes a redevelopment
corporation. No foreign corporation now authorized to do business in the
state shall change its name to a name, and no such corporation shall
hereafter be authorized to do business in the state with a name,
containing the word "redevelopment" as a part thereof.