§ 654-a. Subsidiaries; how created. 1. The corporation by resolution may direct any of its members, officers or employees to organize a subsidiary corporation whenever, in the sole discretion of the corporation, it has become necessary to acquire a project in the case of sale under foreclosure or in lieu of foreclosure and it is beneficial to effectuate the purpose of this chapter for the subsidiary to hold title to the project.

2. Each such subsidiary corporation shall be wholly owned by the corporation and shall be organized pursuant to the business corporation law, the not-for-profit corporation law or article two or article eleven of this chapter.

3. The corporation may transfer to any subsidiary corporation any money, real or personal or mixed property or may convey to it any project in order to carry out the purposes of this article. Each such subsidiary corporation shall have all the privileges, immunities, tax exemptions and other exemptions of the corporation to the extent the same are not inconsistent with the statute or statutes pursuant to which such subsidiary was incorporated. Except as may be inconsistent with the provisions of this article, such subsidiary, if organized pursuant to article two or article eleven of this chapter, shall have all the rights and powers granted to housing companies by this chapter and by any other statute pursuant to which such subsidiary corporation was organized.

4. No member or officer of the corporation shall receive any additional compensation, either direct or indirect, other than reimbursement for actual and necessary expenses incurred in the performance of such person's duties, by reason of such person's serving as a member, director, trustee or officer of any subsidiary corporation.