Section 120. Regulation of redevelopment companies

The supervising agency
  shall:
    Examine each redevelopment company and keep informed as to its general
  condition, its capitalization and the manner in which  its  property  is
  constructed,  leased, operated or managed with respect to its compliance
  with all provisions of law and orders of the supervising agency.
    The supervising agency may:
    1.  Either  itself  or  through  its  inspectors  or  employees   duly
  authorized  by it, enter in or upon and inspect the property, equipment,
  buildings, plants, offices, apparatus and devices of  any  redevelopment
  company;  examine all books, contracts, records, documents and papers of
  any redevelopment  company  and  by  subpoena  duces  tecum  compel  the
  production thereof.
    2.  In  its discretion, prescribe uniform methods and forms of keeping
  accounts, records and books to be observed by  redevelopment  companies,
  and  after  a hearing to prescribe by order accounts in which particular
  outlays and receipts shall be entered, charged or credited.
    3. Require specific answers to questions  upon  which  it  may  desire
  information  and  require  the  filing  of periodic reports in the form,
  covering the period, and at the time prescribed by it.
    4. In the event of a violation by a company of any  provision  of  its
  certificate  or of law or any rules and regulations promulgated pursuant
  to the provisions of  this  article,  the  supervising  agency  may,  by
  written  notice  to all of the directors, partners, members or trustees,
  as the case  may  be,  of  a  company,  at  their  last  known  address,
  specifying  the  reasons  therefor,  advise  such  directors,  partners,
  members or trustees, as the case may be, of its intention to remove  any
  or  all of the existing directors or to appoint a manager or managers of
  the  limited  liability  company,  partnership  or   trust   who   shall
  exclusively  exercise  all  of  the  powers of such partners, members or
  trustees, as the case may be, for the duration  of  the  appointment  of
  such manager or managers.  A copy of any such notices shall be mailed to
  the  mortgagee of record.  In the event that the company fails to comply
  with the requirements of the supervising agency within thirty days  from
  date of mailing of said written notice, the supervising agency may, with
  the  written approval of the mortgagee and without further notice to the
  company or to its directors, partners, members or trustees, as the  case
  may  be,  remove  such  directors in the case of a redevelopment company
  which is a corporation or any of  them  from  office  and  appoint  such
  person  or  persons  as  the supervising agency, in its sole discretion,
  deems advisable, including officers  or  employees  of  the  supervising
  agency,  as  new  directors  to serve in the places of those removed, or
  appoint such manager or managers in the case of a redevelopment  company
  which  is  a  partnership, limited liability company or trust, who shall
  exclusively exercise all of the powers  of  such  partners,  members  or
  trustees,  as  the case may be.  Directors or managers so appointed need
  not meet qualifications which may  be  prescribed  by  the  certificate,
  by-laws,  partnership  agreement,  articles of organization or operating
  agreement of the limited liability  companies  or  trust  agreement,  or
  other  rules  or regulations of the company.  In the absence of fraud or
  bad faith directors or managers so appointed  shall  not  be  personally
  liable  for  debts, obligations or liabilities of the company. Directors
  or managers so appointed shall serve only for a period  coexistent  with
  the  duration  of  such  violation  or  until  the supervising agency is
  assured, in a manner satisfactory to it, against violations of a similar
  nature.   Officers or  employees  of  the  supervising  agency  who  are
  appointed  as  such  directors  or managers shall serve in such capacity
  without compensation.