Section 1840-Q - Local development corporationsTo be eligible for a loan, lease, sale or other agreement from the authority, a local development corporation shall meet the following requirements in addition to any others imposed by the provisions of this title and those requirements imposed pursuant to the applicable provisions of title eight of this article.
1.The corporation shall be incorporated or reincorporated under the not-for-profit corporation law, in addition to other purposes, to adopt those purposes of the authority specified in section eighteen hundred forty-c, and may also be authorized to study and promote, alone or in concert with local officials and interested local groups, the economic growth and business prosperity of the area and the solution of other civic problems of the bi-county region which includes such areas, and have complied with the requirements of section one hundred thirteen of the not-for-profit corporation law.2.The corporation shall have no member thereof who owns beneficially more than five per cent of the capital stock of the project occupant.3.The corporation shall agree to be bound by the rules and regulations of the authority relating to assisted projects and the operations of local development corporations and shall submit to examination of its books of account and corporate records by the authority at such times as the authority may require during the term of any loan, lease, sale or other agreement made to it by the authority.N.Y. Pub. Auth. Law § 1840-Q