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Terms Used In N.Y. Not-for-Profit Corporation Law 1614

  • board: shall mean the board of directors of a land bank;
    (b) "land bank" shall mean a land bank established as a charitable not-for-profit corporation under this chapter and in accordance with the provisions of this article and pursuant to this article;
    (c) "foreclosing governmental unit" shall mean "tax district" as defined in subdivision six of section eleven hundred two of the real property tax law;
    (d) "municipality" shall mean a city, village, town or county other than a county located wholly within a city;
    (e) "school district" shall mean a school district as defined under the education law; and
    (f) "real property" shall mean lands, lands under water, structures and any and all easements, air rights, franchises and incorporeal hereditaments and every estate and right therein, legal and equitable, including terms for years and liens by way of judgment, mortgage or otherwise, and any and all fixtures and improvements located thereon. See N.Y. Not-for-Profit Corporation Law 1602
  • Contract: A legal written agreement that becomes binding when signed.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.

No member of the board or employee of a land bank shall acquire any interest, direct or indirect, in real property of the land bank, in any real property to be acquired by the land bank, or in any real property to be acquired from the land bank. No member of the board or employee of a land bank shall have any interest, direct or indirect, in any contract or proposed contract for materials or services to be furnished or used by a land bank. The board may adopt supplemental rules and regulations addressing potential conflicts of interest and ethical guidelines for members of the board and land bank employees.