2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 6 - (200 - 221) URBAN REDEVELOPMENT CORPORATIONS
206 - Limitations of redevelopment corporations.

 
    §  206.  Limitations  of  redevelopment corporations. No redevelopment
  corporation shall:
    1. Undertake any clearance, reconstruction, improvement, alteration or
  construction in connection with any development until  the  certificates
  of  approval  required by section two hundred three of this article have
  been issued;
    2. Change, alter, amend, add to or depart from  the  development  plan
  until the planning commission or the supervising agency, as the case may
  be, has issued a certificate of approval of that portion of such change,
  alteration,   amendment,   addition   or   departure   relevant  to  the
  determination required to be made by it as  set  forth  in  section  two
  hundred three of this article;
    3.  After  a  development has been commenced, sell, transfer or assign
  any real property in the development area without  first  obtaining  the
  consent of the supervising agency;
    4. Undertake more than one development;
    5.  Pay  interest  on its income debentures, if any, except out of net
  earnings which would have been applicable to the payment of dividends on
  its capital stock if there were no such income debentures;
    6. Pay as compensation for services to, or enter  into  contracts  for
  the  payment  of compensation for services to, its officers or employees
  in an amount greater than the limit thereon contained in the development
  plan, or in  default  thereof,  then  in  an  amount  greater  than  the
  reasonable  value  of  the services performed or to be performed by such
  officers or employees;
    7. Lease an entire building or improvement in the development area  to
  any  person  or  corporation  without  obtaining  the  approval  of  the
  supervising agency, which may be withheld only if  the  lease  is  being
  made for the purpose of evading the provisions of this article;
    8. Mortgage any of its real property without obtaining the approval of
  the supervising agency;
    9.   Make   any  guarantee  without  obtaining  the  approval  of  the
  supervising agency;
    10. Dissolve without obtaining the approval of the supervising agency,
  which may be given upon such conditions as the  supervising  agency  may
  deem  necessary  or appropriate to the protection of the interest of the
  city in the proceeds of the  sale  of  the  real  property  acquired  by
  condemnation  as provided in subdivision two of section two hundred five
  of this article, such approval to be  endorsed  on  the  certificate  of
  dissolution  and  such  certificate not to be filed in the department of
  state in the absence of such endorsement;
    11. Reorganize without  obtaining  the  approval  of  the  supervising
  agency.