2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 7-A - (350 - 365) COMMUNITY SENIOR CITIZENS CENTERS AND SERVICES COMPANIES
355 - Powers and limitations of a company.

 
    §  355.  Powers  and  limitations  of  a  company.  1.  Except  as  is
  inconsistent with the provisions of this article, a company shall  have,
  in  carrying  out  the  purpose of this article, the powers conferred on
  corporations by the not-for-profit corporation law and shall be  subject
  to the limitations contained therein.
    2. Companies shall have the following additional powers:
    (a)  To  make and execute contracts and other instruments necessary or
  convenient in the exercise of its powers;
    (b) To  acquire  or  contract  to  acquire  from  any  persons,  firm,
  corporation,  public corporation, municipality, federal or state agency,
  by grant, purchase, or otherwise, leaseholds, real,  personal  or  mixed
  property  or  any  interest  therein,  and  to  sell,  assign, exchange,
  transfer, mortgage or encumber the same;
    (c) To own, hold, clear and  improve,  leasehold,  real,  personal  or
  mixed property or any interest therein;
    (d)   To  issue  non-interest  bearing  debentures  up  to  an  amount
  representing the difference, if any, between the amount of the  mortgage
  made by the company and the estimated project cost; and in the event the
  final  project  cost  shall  exceed  the  estimated  project  cost,  the
  difference between the amount of the mortgage made by  the  company  and
  such final project cost;
    (e)  To  construct, reconstruct, rehabilitate, improve, alter, repair,
  lease, manage or operate and otherwise provide community senior citizens
  services projects;
    (f) To insure  or  provide  for  the  insurance  of  its  property  or
  operations  as  required  by law and also against such other risks as it
  may deem advisable;
    (g) To limit by contract the exercise of any of its powers;
    (h) To invest any funds held in reserves  or  sinking  funds,  or  any
  funds  not required for immediate disbursement in property or securities
  in which savings  banks  may  legally  invest  funds  subject  to  their
  control;
    (i) To sue and be sued;
    (j) To have a seal and alter the same at pleasure;
    (k)  To make and from time to time amend and repeal by-laws, rules and
  regulations not inconsistent with the provisions of this article;
    (l) To enter into contracts with the New York  state  housing  finance
  agency for mortgage loans and to pay all such fees and charges as may be
  imposed by such agency as a condition of such mortgage loan;
    (m) To enter into contracts for the rendering of services;
    (n)   To  receive  assistance  from  the  state,  federal  government,
  municipalities, or any  person,  firm  or  corporation  by  contract  or
  otherwise;  and  to  comply,  subject to the provisions of this article,
  with the terms and conditions of such assistance;
    (o) To do all other things necessary or convenient to  carry  out  its
  powers.
    3. No company shall:
    (a)  Acquire any real property or interest therein unless such company
  shall first have obtained from the commissioner a certificate that  such
  acquisition is consistent with the purposes of this article;
    (b)  Issue  notes,  bonds,  debentures,  or  other  obligations  in an
  aggregate amount greater than project cost;
    (c)  Without  first  having  obtained  the  written  consent  of   the
  commissioner;
    (i) Construct, reconstruct, rehabilitate, improve, alter or repair any
  project, or enter into any contract for such purposes;

    (ii)  Sell, transfer, lease or encumber any real property, except that
  no such consent shall be necessary in any sale in  foreclosure  pursuant
  to section three hundred sixty-three;
    (iii) Enter into any contracts relating to the management or operation
  of senior citizens services projects;
    (iv)  Enter  into  any contracts for the payment of any salary, fee or
  emolument to officers or employees;
    (v) Make a guaranty of payment, or pledge any or all  of  its  assets,
  income or revenues to secure payment of its obligations;
    (vi)  Lease  a  project  or a portion thereof to a third party for the
  purposes of operation, such lease  to  be  subject  to  all  the  terms,
  provisions  and  limitations  of  any mortgage loan made by the New York
  state housing finance agency relating to such project.