§ 210. Regulation of redevelopment corporations by supervising agency.
A redevelopment corporation shall:

1. Furnish to the supervising agency from time to time, as required by
it, but with respect to regular reports not more often than once every
six months, such financial information, statements, audited reports or
other material as such supervising agency shall require, each of which
shall conform to such standards of accounting and financial procedure as
the supervising agency may by general regulation prescribe.

2. Establish and maintain such depreciation and other reserves,
surplus and other accounts as the supervising agency may reasonably
require, including a yearly reserve with respect to each parcel of real
property held by the redevelopment corporation against the increase in
local taxes after the expiration of the maximum exemption period, which
shall be equal to twenty per centum of the difference between the
maximum local tax on the real property of the redevelopment corporation
and the local tax which would have been payable except for the tax
exemption period provided for in section two hundred eleven of this
article.

Any provision of the general corporation law or the stock corporation
law to the contrary notwithstanding, one member of the board of
directors of a redevelopment corporation may be a designee of the
supervising agency, as long as any of the real property of the
redevelopment corporation is entitled to the tax exemption provided for
in section two hundred eleven of this article.