2006 New York Code - Redevelopment Corporations.

 
    § 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.