Validating life in rule against perpetuities

(d) Limitation.--Except as set forth in subsection (c), if a county establishes a land bank, the land bank shall have the power to acquire real property only in those portions of the county located outside of the geographical boundaries of any other land bank established by another land bank jurisdiction located partially or entirely within the county. (2) If a land bank is established under paragraph (1), the intergovernmental cooperation agreement must specify matters identified in subsection (a). (2) Action of the board on the following matters must be approved by a majority of the entire board membership: (i) Adoption of bylaws. (iii) Hiring or firing of an employee or contractor of the land bank. (vi) Sale, lease, encumbrance or alienation of real property or personal property with a value of more than ,000. (h) Voting.-- (1) Except as set forth in paragraph (2) or (3), action of the board must be approved by the affirmative vote of a majority of the board present and voting. (2) Attendance and participation of members in its regular and special meetings. (d) Rules.--The board shall establish rules on all of the following: (1) Duties of officers under subsection (c).

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(f) Legal status of land bank.--A land bank shall: (1) be a public body corporate and politic; and (2) have duration until terminated and dissolved under section 2114 (relating to dissolution of land bank). (a) Membership.--A board shall consist of an odd number of members and be not less than five members nor more than 11 members. (2) A municipal employee shall be eligible to serve as a board member. (b) Eligibility to serve on board.-- (1) Notwithstanding any law to the contrary, a public officer shall be eligible to serve as a board member, and the acceptance of the appointment shall neither terminate nor impair that public office. This paragraph includes intergovernmental cooperation agreements under 53 Pa. Any contract or instrument signed shall be executed by and for the land bank if the contract or instrument is signed, including an authorized facsimile signature, by: (i) the chair or vice chair of the land bank; and (ii) either: (A) the secretary or assistant secretary of the land bank; or (B) the treasurer or assistant treasurer of the land bank. (7) To enter into contracts and other instruments necessary, incidental or convenient to the performance of its duties and the exercise of its powers. (9) To make and execute contracts and other instruments necessary or convenient to the exercise of the powers of the land bank.

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