S 3703: Creates a land bank in a city with eight million or more residents by adoption of a local law by the city council; limits board membership to eleven members.

  
  STATE OF NEW YORK ________________________________________________________________________ 3703 2025-2026 Regular Sessions  IN SENATE January 29, 2025 ___________ Introduced by Sen. COMRIE -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions AN ACT to amend the not-for-profit corporation law, in relation to the creation of a land bank in a city with eight million or more residents by adoption of a local law by the city council The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The opening paragraph and subparagraph 2 of paragraph (a) 2 of section 1603 of the not-for-profit corporation law, the opening para- 3 graph as added by chapter 257 of the laws of 2011 and subparagraph 2 as 4 amended by chapter 372 of the laws of 2013, are amended to read as 5 follows: 6 Any foreclosing governmental unit may create a land bank by the 7 adoption of a local law, ordinance, or resolution as appropriate to such 8 foreclosing governmental unit and in addition, any city with eight 9 million or more residents may create a land bank by adoption of a local 10 law by the city council which action specifies the following: 11 (2) the number of members of the board of directors, which shall 12 consist of an odd number of members, and shall be not less than five 13 members nor more than [fifteen] eleven members; 14 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD05341-01-5