For the purpose of this chapter, certain terms, words and phrases
are herein defined.
A. Word usage. In the interpretation of this chapter, the provisions
and rules of this subsection shall be observed and applied, except
where the context clearly requires otherwise. Words used or defined
in one tense or form shall include other tenses. Words in the singular
number shall include the plural. The word "shall" is mandatory and
not discretionary. The word "may" is permissive or discretionary.
B. Words defined. When used in this chapter, the following terms shall
have the meanings herein ascribed to them:
LAND BANK
A land bank established as a Type C not-for-profit corporation
under this chapter and in accordance with the provisions of New York
State Not-For-Profit Law Article 16.
REAL PROPERTY
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.
The Land Bank shall file its Articles of Incorporation, as attached, with the Secretary of State in accordance with the procedures
set forth in the New York State Not-For-Profit Corporation Law Article
16.
The Land Bank may employ a secretary, an executive director,
its own counsel and legal staff, and such technical experts and such
other agents and employees, permanent or temporary, as it may require
and may determine the qualifications and fix the compensation and
benefits of such persons. The Land Bank may also enter into contracts
and agreements with municipalities for staffing services to be provided
to the Land Bank by municipalities or agencies or departments thereof
or for the Land Bank to provide such staffing services to municipalities
or agencies or departments thereof.
The Land Bank created hereunder shall possess all authority
and powers as specified in Article 16 of the New York State Not-For-Profit
Corporation Law.