N.Y. Public Authorities Law 3559 – Transfer of property; relationship with the state; certain gifts, loans and guarantees by the state
§ 3559. Transfer of property; relationship with the state; certain gifts, loans and guarantees by the state. 1. (a) The state may give, grant, sell, convey, loan, license the use of, or lease to the corporation and the corporation may accept any property which is useful in connection with the exercise by the corporation of any of its powers under this title.
Terms Used In N.Y. Public Authorities Law 3559
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(b) Any such gift, grant, sale, conveyance, loan, license or lease shall be upon such terms and conditions, for such consideration, if any, and for such term or terms of years, subject to the rights of the holders of any bonds, as the corporation and the state may agree. No real property of the state consisting of any health facility currently operated by the state as Roswell Park Cancer Institute shall be transferred to the corporation, except subject to a right of first refusal in favor of the state and subject to a right of reverter in the event that the corporation should cease to use such property for the purpose of provision of research, education and health care.
2. In addition to the authority granted elsewhere in this title and by other applicable laws, the corporation and the state may enter into a contract or contracts from time to time providing for one or more of the following:
(a) the payment of sums for health care services provided by the corporation which could otherwise be provided directly by the state, including services for uncompensated care;
(b) services to be provided by the state to or on behalf of the corporation;
(c) the transfer of employees of the state to the corporation as provided in section thirty-five hundred fifty-seven of this title;
(d) indemnification by the corporation of the state for claims associated with establishment of and operation of the corporation and its health facilities;
(e) such other matters as may be appropriate to accomplish the purposes hereof.
Such contract or contracts shall include such terms and conditions, be for such consideration, if any, and have such term or terms of years, as the corporation and the state may agree.