N.Y. General Municipal Law § 856: Organization of industrial development agencies

§ 856. Organization of industrial development agencies. 1. (a) Upon

the establishment of an industrial development agency by special act of

the legislature, the governing body of the municipality for whose

benefit such agency is established shall file within six months after

the effective date of the special act of the legislature establishing

such agency or before the first day of July, nineteen hundred

sixty-nine, whichever date shall be later, in the office of the

secretary of state, a certificate setting forth: (1) the date of passage

of the special act establishing the agency; (2) the name of the agency;

(3) the names of the members and their terms of office, specifying which

member is the chairman; and (4) facts establishing the need for the

establishment of an agency in such municipality.

(b) Every such agency shall be perpetual in duration, except that if

(1) such certificate is not filed with the secretary of state within six

months after the effective date of the special act of the legislature

establishing such agency or before the first day of July, nineteen

hundred sixty-nine, whichever date shall be later, or if (2) at the

expiration of ten years subsequent to the effective date of the special

act, there shall be outstanding no bonds or other obligations

theretofore issued by such agency or by the municipality for or in

behalf of the agency, then the corporate existence of such agency shall

thereupon terminate and it shall thereupon be deemed to be and shall be

dissolved.

(c) On or before March first of each year, the secretary of state

shall prepare a list of agencies which failed to file a certificate in

accordance with provisions of paragraph (a) of this subdivision within

the preceding calendar year and transmit a copy of such list to the

state comptroller and the commissioner of the department of economic

development. On or before March first of each year the commissioner of

the department of economic development shall prepare a list of agencies

which have dissolved pursuant to paragraph (b) of this subdivision or

have ceased to exist pursuant to section eight hundred eighty-two of

this chapter and shall transmit a copy of such list to the state

comptroller.

2. An agency shall be a corporate governmental agency, constituting a

public benefit corporation. Except as otherwise provided by special act

of the legislature, an agency shall consist of not less than three nor

more than seven members who shall be appointed by the governing body of

each municipality and who shall serve at the pleasure of the appointing

authority. Such members may include representatives of local government,

school boards, organized labor and business. A member shall continue to

hold office until his successor is appointed and has qualified. The

governing body of each municipality shall designate the first chairman

and file with the secretary of state a certificate of appointment or

reappointment of any member. Such members shall receive no compensation

for their services but shall be entitled to the necessary expenses,

including traveling expenses, incurred in the discharge of their duties.

3. A majority of the members of an agency shall constitute a quorum.

4. Any one or more of the members of an agency may be an official or

an employee of the municipality. In the event that an official or an

employee of the municipality shall be appointed as a member of the

agency, acceptance or retention of such appointment shall not be deemed

a forfeiture of his municipal office or employment, or incompatible

therewith or affect his tenure or compensation in any way. The term of

office of a member of an agency who is an official or an employee of the

municipality when appointed as a member thereof by special act of the

legislature creating the industrial development agency shall terminate

at the expiration of the term of his municipal office.