# N.Y. PVH Law § 654-A: Subsidiaries; how created

> New York · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_NY_APVH_A12_S654-A

## Section

- **Citation:** N.Y. PVH Law § 654-A
- **Heading:** Subsidiaries; how created
- **Jurisdiction:** New York
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** New York Code / Act PVH / Article 12 / Section 654-A

## Text

§ 654-a. Subsidiaries; how created. 1. The corporation by resolution\nmay direct any of its members, officers or employees to organize a\nsubsidiary corporation whenever, in the sole discretion of the\ncorporation, it has become necessary to acquire a project in the case of\nsale under foreclosure or in lieu of foreclosure and it is beneficial to\neffectuate the purpose of this chapter for the subsidiary to hold title\nto the project.\n 2. Each such subsidiary corporation shall be wholly owned by the\ncorporation and shall be organized pursuant to the business corporation\nlaw, the not-for-profit corporation law or article two or article eleven\nof this chapter.\n 3. The corporation may transfer to any subsidiary corporation any\nmoney, real or personal or mixed property or may convey to it any\nproject in order to carry out the purposes of this article. Each such\nsubsidiary corporation shall have all the privileges, immunities, tax\nexemptions and other exemptions of the corporation to the extent the\nsame are not inconsistent with the statute or statutes pursuant to which\nsuch subsidiary was incorporated. Except as may be inconsistent with the\nprovisions of this article, such subsidiary, if organized pursuant to\narticle two or article eleven of this chapter, shall have all the rights\nand powers granted to housing companies by this chapter and by any other\nstatute pursuant to which such subsidiary corporation was organized.\n 4. No member or officer of the corporation shall receive any\nadditional compensation, either direct or indirect, other than\nreimbursement for actual and necessary expenses incurred in the\nperformance of such person's duties, by reason of such person's serving\nas a member, director, trustee or officer of any subsidiary corporation.\n

## Nearby sections

- [N.Y. PVH Law § 650 Short title](https://www.frixlaw.com/law-library/statutes/STATE_NY_APVH_A12_S650.md)
- [N.Y. PVH Law § 651 Statement of legislative findings and purpose](https://www.frixlaw.com/law-library/statutes/STATE_NY_APVH_A12_S651.md)
- [N.Y. PVH Law § 652 Definitions](https://www.frixlaw.com/law-library/statutes/STATE_NY_APVH_A12_S652.md)
- [N.Y. PVH Law § 653 New York city housing development corporation](https://www.frixlaw.com/law-library/statutes/STATE_NY_APVH_A12_S653.md)
- [N.Y. PVH Law § 654 Powers of the corporation](https://www.frixlaw.com/law-library/statutes/STATE_NY_APVH_A12_S654.md)
- [N.Y. PVH Law § 654-A Subsidiaries; how created](https://www.frixlaw.com/law-library/statutes/STATE_NY_APVH_A12_S654-A.md)
- [N.Y. PVH Law § 654-B Housing assistance corporation](https://www.frixlaw.com/law-library/statutes/STATE_NY_APVH_A12_S654-B.md)
- [N.Y. PVH Law § 654-C Housing New York corporation](https://www.frixlaw.com/law-library/statutes/STATE_NY_APVH_A12_S654-C.md)
- [N.Y. PVH Law § 654-D Residential mortgage insurance corporation](https://www.frixlaw.com/law-library/statutes/STATE_NY_APVH_A12_S654-D.md)
- [N.Y. PVH Law § 655 Notes and bonds of the corporation](https://www.frixlaw.com/law-library/statutes/STATE_NY_APVH_A12_S655.md)
- [N.Y. PVH Law § 655-A Authorization of contracts for taxation by the United States of interest on obligations guaranteed thereby](https://www.frixlaw.com/law-library/statutes/STATE_NY_APVH_A12_S655-A.md)
- [N.Y. PVH Law § 656 Reserve funds and appropriations](https://www.frixlaw.com/law-library/statutes/STATE_NY_APVH_A12_S656.md)
- [N.Y. PVH Law § 657 Agreement with the state](https://www.frixlaw.com/law-library/statutes/STATE_NY_APVH_A12_S657.md)
- [N.Y. PVH Law § 658 State and city not liable on notes and bonds](https://www.frixlaw.com/law-library/statutes/STATE_NY_APVH_A12_S658.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_NY_APVH_A12_S654-A. Check the current official text before relying on it. Not legal advice.