N.Y. Public Authorities Law § 1974-a: Subsidiaries; how created

§ 1974-a. Subsidiaries; how created. 1. The authority by resolution

from time to time may direct any of its members, officers or employees

to organize one or more wholly-owned subsidiary corporations pursuant

and subject to article two, article four or article eleven of the

private housing finance law. Such resolution shall prescribe the

purposes for which such subsidiary is to be organized.

2. The authority may transfer to any subsidiary any money or real or

personal or mixed property or any project in order to carry out the

purposes of this title. Each such subsidiary shall have all the

privileges, immunities, tax exemptions and other exemptions of the

authority to the extent the same are not inconsistent with the statute

or statutes pursuant to which such subsidiary was organized. Except as

may be inconsistent with the provisions of this title, such subsidiary

shall have all the rights and powers granted to housing companies by the

private housing finance law and by any other statute pursuant to which

such subsidiary was organized.

3. No member or officer of the authority shall receive any additional

compensation, either direct or indirect, other than reimbursement for

actual and necessary expenses incurred in the performance of his duties,

by reason of his serving as a member, director, trustee or officer of

any subsidiary.