N.Y. Private Housing Finance Law 253 – Incorporation and organization
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Community development corporations shall be incorporated and organized in the manner provided in the not-for-profit corporation law for not-for-profit corporations, except that the certificate of incorporation shall be approved by the commissioner instead of such approval or approvals as may be required by the not-for-profit corporation law. In addition to those matters required to be set forth in the certificate of incorporation by the not-for-profit corporation law, the certificate shall state:
Terms Used In N.Y. Private Housing Finance Law 253
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.