N.Y. Public Authorities Law § 1201: New York city transit authority

§ 1201. New York city transit authority.--1. A board, to be known as

"New York City Transit Authority" is hereby created. Such board shall be

a body corporate and politic constituting a public benefit corporation.

It shall consist of seventeen members, all serving ex officio. Those

members shall be the persons who from time to time shall hold the

offices of chairman and members of metropolitan transportation

authority.

2. The chairman of such board shall be the chairman of metropolitan

transportation authority, serving ex officio, and, provided that there

is an executive director of the metropolitan transportation authority,

the executive director of the authority shall be the executive director

of the metropolitan transportation authority, serving ex officio.

Notwithstanding any provision of law to the contrary, the chairman shall

be the chief executive officer of the authority and shall be responsible

for the discharge of the executive and administrative functions and

powers of the authority. The chairman and executive director, if any,

each shall be empowered to delegate his or her functions and powers to

one or more officers or employees designated by him or her.

3. The chairman, other members of the board and the executive director

shall not be entitled to compensation for their services but shall be

entitled to reimbursement for their actual and necessary expenses

incurred in the performance of their official duties.

4. Notwithstanding any inconsistent provisions of this or any other

law, general, special or local, no officer or employee of the state or

any public corporation, as defined in the general corporation law, shall

be deemed to have forfeited or shall forfeit his office or employment or

any benefits provided under the retirement and social security law or

under any public retirement system maintained by the state or any of its

subdivisions by reason of his being a member or the chairman of the

authority.

5. A majority of the whole number of members of the authority then in

office shall constitute a quorum for the transaction of any business or

the exercise of any power of the authority. Except as otherwise

specified in this title, for the transaction of any business or the

exercise of any power of the authority, the authority shall have the

power to act by a majority vote of the members present at any meeting at

which a quorum is in attendance. In the event of a tie vote the chairman

shall cast one additional vote. For the purposes of the voting and

quorum requirements of this subdivision, the voting and quorum

requirements set forth in subdivision three of section twelve hundred

sixty-three of this article and in any by-law of the metropolitan

transportation authority adopted pursuant to the provisions of such

subdivision shall be applicable hereto.

6. The authority and its corporate existence shall continue until

terminated by law, provided however, that no such law shall take effect

so long as the authority or any of its subsidiaries, the metropolitan

transportation authority or the Triborough bridge and tunnel authority

shall have outstanding any notes or bonds or lease, sublease or other

contractual obligations issued or incurred pursuant to section twelve

hundred seven-m of this title or issued or incurred in connection with

the transfer of its interest in and the lease from the transferee of any

property furnished to it pursuant to chapter twelve of the laws of

nineteen hundred seventy-nine or section fifteen of chapter three

hundred fourteen of the laws of nineteen hundred eighty-one, or section

twelve hundred sixty-six-c or twelve hundred seventy-d of this article,

unless adequate provision has been made for the payment or satisfaction

of such outstanding notes, bonds, lease, sublease or other contractual

obligations.