Section 654-A. Subsidiaries; how created

1. The corporation by resolution
  may direct any of its members,  officers  or  employees  to  organize  a
  subsidiary   corporation   whenever,  in  the  sole  discretion  of  the
  corporation, it has become necessary to acquire a project in the case of
  sale under foreclosure or in lieu of foreclosure and it is beneficial to
  effectuate the purpose of this chapter for the subsidiary to hold  title
  to the project.
    2.  Each  such  subsidiary  corporation  shall  be wholly owned by the
  corporation and shall be organized pursuant to the business  corporation
  law, the not-for-profit corporation law or article two or article eleven
  of this chapter.
    3.  The  corporation  may  transfer  to any subsidiary corporation any
  money, real or personal or mixed  property  or  may  convey  to  it  any
  project  in  order  to carry out the purposes of this article. Each such
  subsidiary corporation shall have all the  privileges,  immunities,  tax
  exemptions  and  other  exemptions  of the corporation to the extent the
  same are not inconsistent with the statute or statutes pursuant to which
  such subsidiary was incorporated. Except as may be inconsistent with the
  provisions of this article, such subsidiary, if  organized  pursuant  to
  article two or article eleven of this chapter, shall have all the rights
  and powers granted to housing companies by this chapter and by any other
  statute pursuant to which such subsidiary corporation was organized.
    4.  No  member  or  officer  of  the  corporation  shall  receive  any
  additional  compensation,  either  direct  or   indirect,   other   than
  reimbursement   for  actual  and  necessary  expenses  incurred  in  the
  performance of such person's duties, by reason of such person's  serving
  as a member, director, trustee or officer of any subsidiary corporation.