Section 12 - Subsidiaries: how created(1) The corporation shall have the right to exercise and perform its powers and functions through one or more subsidiary corporations. The corporation by resolution may direct any of its directors, officers or employees to organize a subsidiary corporation pursuant to either the business corporation law, the not-for-profit corporation law or articles two, four or eleven of the private housing finance law. Such resolution shall prescribe the purposes for which such subsidiary corporation is to be formed. Such corporation shall be deemed a subsidiary corporation whenever and so long as (i) more than half of any voting shares of such subsidiary are owned or held by the corporation, or (ii) a majority of the directors, trustees or members of such subsidiary are designees of the corporation.
(2) The corporation may transfer to any subsidiary corporation any moneys, real or personal or mixed property or any project in order to carry out the purposes of this act. 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.(3) Notwithstanding any provision of this act to the contrary, the superintendent of financial services and the chairman of the New York state science and technology foundation shall not serve as a director, trustee or member of any such subsidiary corporation.(4) No officer or director 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 his duties, by reason of his serving as a member, director, or trustee of any subsidiary corporation.N.Y. Urban Development Corporation Act Law § 12
Amended by New York Laws 2016, ch. 54,Sec. QQ-1, eff. 4/4/2016.