§ 205. Redevelopment corporations. 1. Three or more persons may become a redevelopment corporation on making, subscribing, acknowledging and filing in the department of state a certificate pursuant to article four of the business corporation law, which shall be entitled and endorsed "Certificate of incorporation of .... Redevelopment Corporation, pursuant to article four of the business corporation law," the blank space being filled in with the remainder of the name of the corporation. Such certificate shall contain the provisions required in, and may contain any provisions consistent with the provisions of this article permitted in, a certificate of incorporation filed pursuant to article four of the business corporation law, except that:

(a) Included among the purposes for which the corporation is formed shall be the formulation, obtaining the approval of, and putting into effect of a development plan, the acquisition of real property in a development area, and the construction, maintenance and operation of a development pursuant to this article;

(b) The duration of the corporation shall be perpetual;

(c) The certificate may provide for the issuance of income debentures, in which case the holders of such debentures may be allowed such voting rights as shall be specified therein;

(d) The certificate shall contain a declaration that the redevelopment corporation has been organized to serve a public purpose, and that it shall be subject to supervision and control as provided in this article. A copy of such certificate shall be filed with the planning commission and the supervising agency having jurisdiction within ten days of its being filed in the department of state. 2. If a redevelopment corporation shall not have obtained the certificates of approval of its development plan required by section two hundred three of this article within twelve months of the date upon which it became a redevelopment corporation, or shall not substantially comply with the development plan within the time limit for the completion of each stage thereof as therein stated, reasonable delays caused by unforseen difficulties excepted, then upon the filing in the department of state of a certified copy of the order of the court establishing such failure to obtain such certificate or substantially so to comply, obtained pursuant to section two hundred thirteen of this article, such redevelopment corporation shall cease to have the special rights, powers and privileges granted to, or be subject to the special duties, liabilities and restrictions imposed upon a redevelopment corporation by this article, and shall thereafter change its name to remove the word "Redevelopment" therefrom. In such event, however, such corporation may thereafter continue in existence as a business corporation, subject to the business corporation law. In the event that a certified copy of such order shall be so filed, all real property acquired by or for such redevelopment corporation by condemnation shall be disposed of, either alone or in conjunction with additional real property not so acquired, within a reasonable time by bona fide sale. All amounts received by the redevelopment corporation for such real property in excess of an amount equal to that portion of the development cost allocable to the real property being disposed of, shall be paid to the city. 3. No corporation now organized under the laws of the state shall change its name to a name, and no such corporation hereafter organized shall have a name, containing the word "redevelopment" as a part thereof, unless and until such corporation is or becomes a redevelopment corporation. No foreign corporation now authorized to do business in the state shall change its name to a name, and no such corporation shall hereafter be authorized to do business in the state with a name, containing the word "redevelopment" as a part thereof.