Section 253. Incorporation and organization

Community  development
  corporations shall be incorporated and organized in the manner  provided
  in  the  not-for-profit corporation law for not-for-profit corporations,
  except that the certificate of incorporation shall be  approved  by  the
  commissioner instead of such approval or approvals as may be required by
  the  not-for-profit  corporation  law.    In  addition  to those matters
  required to be set forth in the  certificate  of  incorporation  by  the
  not-for-profit corporation law, the certificate shall state:
    1.  That  the  real  property  of  the  corporation shall not be sold,
  transferred,  encumbered  or  assigned  except  as  permitted   by   the
  provisions of this article.
    2.  That  the  corporation  has  been organized exclusively to serve a
  civic, cultural or recreational purpose, or any combination thereof, and
  that it shall be and remain subject to the supervision  and  control  of
  the commissioner.
    3.  That  all  income  and  earnings  of the corporation shall be used
  exclusively for its corporate purposes.
    4. That no part of the net income or net earnings of  the  corporation
  shall  inure to the benefit or profit of any private individual, firm or
  corporation.