§ 654-a. Subsidiaries; how created. 1. The corporation by resolution
may direct any of its members, officers or employees to organize a
subsidiary corporation whenever, in the sole discretion of the
corporation, it has become necessary to acquire a project in the case of
sale under foreclosure or in lieu of foreclosure and it is beneficial to
effectuate the purpose of this chapter for the subsidiary to hold title
to the project.

2. Each such subsidiary corporation shall be wholly owned by the
corporation and shall be organized pursuant to the business corporation
law, the not-for-profit corporation law or article two or article eleven
of this chapter.

3. The corporation may transfer to any subsidiary corporation any
money, real or personal or mixed property or may convey to it any
project in order to carry out the purposes of this article. Each such
subsidiary corporation shall have all the privileges, immunities, tax
exemptions and other exemptions of the corporation to the extent the
same are not inconsistent with the statute or statutes pursuant to which
such subsidiary was incorporated. Except as may be inconsistent with the
provisions of this article, such subsidiary, if organized pursuant to
article two or article eleven of this chapter, shall have all the rights
and powers granted to housing companies by this chapter and by any other
statute pursuant to which such subsidiary corporation was organized.

4. No member or officer of the corporation shall receive any
additional compensation, either direct or indirect, other than
reimbursement for actual and necessary expenses incurred in the
performance of such person's duties, by reason of such person's serving
as a member, director, trustee or officer of any subsidiary corporation.