Section 75.13. Powers and limitations of a company

(a)  Except  as is inconsistent with the provisions of this article, a
  company shall have, in carrying out the purposes of  this  article,  the
  powers  conferred  on corporations by the not-for-profit corporation law
  and shall be subject to the limitations contained therein.
    (b) Companies shall have the following additional powers:
    1. To make and execute contracts and other  instruments  necessary  or
  convenient in the exercise of its powers;
    2.  To  acquire  or  contract  to  acquire  from  any  persons,  firm,
  corporation, public corporation, municipality, federal or state  agency,
  by  grant,  purchase, or otherwise, leaseholds, real, personal, or mixed
  property or  any  interest  therein,  and  to  sell,  assign,  exchange,
  transfer, mortgage, or encumber the same;
    3.  To  own,  hold,  clear,  and improve, leasehold, real, personal or
  mixed property or any interest therein;
    4.  To  issue  non-interest  bearing  debentures  up  to   an   amount
  representing  the difference, if any, between the amount of the mortgage
  made by the company and the estimated project cost; and in the event the
  final  project  cost  shall  exceed  the  estimated  project  cost,  the
  difference  between  the  amount of the mortgage made by the company and
  such final project cost;
    5. To construct, reconstruct, rehabilitate,  improve,  alter,  repair,
  lease,  manage, or operate and otherwise provide community mental health
  services or mental retardation services projects;
    6. To  insure  or  provide  for  the  insurance  of  its  property  or
  operations  as  required  by law and also against such other risks as it
  may deem advisable;
    7. To limit by contract the exercise of any of its powers;
    8. To invest any funds held in reserves or sinking funds, or any funds
  not required for immediate disbursement in  property  or  securities  in
  which savings banks may legally invest funds subject to their control;
    9. To sue and be sued;
    10. To have a seal and alter the same at pleasure;
    11.  To make and from time to time amend and repeal bylaws, rules, and
  regulations not inconsistent with the provisions of this article;
    12. To enter into contracts with the New York  state  housing  finance
  agency  for  mortgage  loans, to pay all such fees and charges as may be
  imposed by such agency as a condition of such mortgage loan;
    13. To enter into contracts with  lending  institutions  for  mortgage
  loans,  to  pay  all  such  fees  and  charges as may be imposed by such
  lending institution as a condition of such mortgage loan;
    14. To enter into contracts with a local  governmental  unit  for  the
  rendering of services;
    15.   To  receive  assistance  from  the  state,  federal  government,
  municipalities, local  governmental  units,  or  any  person,  firm,  or
  corporation  by  contract  or  otherwise;  to  comply,  subject  to  the
  provisions of this article,  with  the  terms  and  conditions  of  such
  assistance;  and  in connection with assistance grants which are made by
  the state, federal government or a municipality to reimburse the company
  for project costs which have been paid for  by  such  company  from  the
  proceeds of the mortgage loan or such other funds which are legally made
  available  to  the  company, to hold and apply such assistance grants in
  accordance with the requirements of the commissioner and  the  New  York
  state housing finance agency;
    16.  To  do  all other things necessary or convenient to carry out its
  powers.
    (c) No company shall:

    1. Acquire any real property or interest therein unless  such  company
  shall  first have obtained from the commissioner a certificate that such
  acquisition is consistent with the purposes of this article;
    2.  Issue  notes,  bonds,  debentures,  or  other  obligations  in  an
  aggregate amount greater than project cost;
    3.  Without  first  having  obtained  the  written  consent   of   the
  commissioner:
    (i)  Construct,  reconstruct,  rehabilitate, improve, alter, or repair
  any project, or enter into any contract for such purposes;
    (ii) Sell, transfer, lease, or encumber any real property, except that
  no such consent shall be necessary in any sale in  foreclosure  pursuant
  to section 75.29;
    (iii) Enter into any contracts relating to the management or operation
  of  community  mental  health  services  or  mental retardation services
  projects;
    (iv) Enter into any contract for the payment of any  salary,  fee,  or
  emolument to officers or employees;
    (v)  Make  a  guaranty or payment, or pledge any or all of its assets,
  income, or revenues to secure payment of its obligations;
    (vi) Lease a project or a portion thereof to a  third  party  for  the
  purposes  of  operation,  such  lease  to  be  subject to all the terms,
  provisions, and limitations of any mortgage loan made by  the  New  York
  state housing finance agency relating to such project;
    (vii) Voluntarily dissolve after twenty years, or such earlier date as
  the  bonds  issued  by  the  New  York state housing finance agency with
  respect to the project are subject  to  redemption;  provided,  however,
  that  in  the  event an unpaid balance remains due on a mortgage held by
  the New York state housing finance agency, the  consent  of  the  agency
  must also be obtained.
    4. Expend any state moneys except for value received. No company shall
  make  any  charitable  contribution of moneys received from the state or
  use state funds to pay above market value for  any  goods  or  services,
  except as authorized by the offices of the department.