Section 210. Regulation of redevelopment corporations by supervising agency

A redevelopment corporation shall:
    1. Furnish to the supervising agency from time to time, as required by
  it,  but  with respect to regular reports not more often than once every
  six months, such financial information, statements, audited  reports  or
  other  material  as such supervising agency shall require, each of which
  shall conform to such standards of accounting and financial procedure as
  the supervising agency may by general regulation prescribe.
    2. Establish  and  maintain  such  depreciation  and  other  reserves,
  surplus  and  other  accounts  as  the supervising agency may reasonably
  require, including a yearly reserve with respect to each parcel of  real
  property  held  by the redevelopment corporation against the increase in
  local taxes after the expiration of the maximum exemption period,  which
  shall  be  equal  to  twenty  per  centum  of the difference between the
  maximum local tax on the real property of the redevelopment  corporation
  and  the  local  tax  which  would  have been payable except for the tax
  exemption period provided for in section  two  hundred  eleven  of  this
  article.
    Any  provision of the general corporation law or the stock corporation
  law to  the  contrary  notwithstanding,  one  member  of  the  board  of
  directors  of  a  redevelopment  corporation  may  be  a designee of the
  supervising agency,  as  long  as  any  of  the  real  property  of  the
  redevelopment  corporation is entitled to the tax exemption provided for
  in section two hundred eleven of this article.