Section 7 - Powers and limitations(1) In addition to the powers granted by the business corporation law and except as otherwise limited by this act the corporation shall have power: (a) to provide advisory, consultative, training and educational services, technical assistance and advice to any person, firm, partnership or corporation, either public or private.(b) to acquire, construct, reconstruct, rehabilitate, improve, alter or repair, or provide for the acquisition, construction, reconstruction, improvement, alteration or repair of any project.(c) to sell, lease, exchange, mortgage, donate or convey any project and to grant options to renew any leases entered into in connection with any project.(d) to create subsidiaries pursuant to the provisions of the business corporation law, not-for-profit corporation law or articles two, four, five or eleven of the private housing finance law, as provided in section nine of this act.(e) to lend or donate monies, whether secured or unsecured to any subsidiary, and to purchase the shares, bonds, or obligations or securities of such subsidiary.(f) as security for the payment of the principal of and interest on any bonds issued by the corporation and any agreements made in connection therewith, to mortgage and pledge any or all of its projects or any part or parts thereof, whether then owned or thereafter acquired, and to pledge the revenues and receipts therefrom or from any thereof, and to assign or pledge the lease or leases on any portion or all of said projects and to assign or pledge the income received by virtue of said lease or leases.(g) to do any and all things necessary or convenient to carry out its purposes and exercise the powers given and granted under this act, or under any other law, special, general or local.(2) No part of the net earnings of the corporation shall inure to the benefit of any individual and no member, employee, director or officer of the corporation shall receive any pecuniary benefit from the corporation except reasonable compensation for services actually rendered to the corporation. The corporation shall not carry on propaganda or otherwise attempt to influence legislation.(3) The corporation shall not issue shares nor shall any bonds, notes or debentures of the corporation be convertible to shares.N.Y. Urban Development Research Corporation Act § 7